Mr. Abdel Badwi reports

TAG OIL PROVIDES UPDATE ON OPERATIONS AND PLANNED ACTIVITIES IN THE WESTERN DESERT, EGYPT

TAG Oil Ltd. has provided an update on its Q1 (first quarter) 2026 operations and planned activities in the Western Desert, Egypt.

BED-1 concession

At the Badr oil field (BED-1) concession, the company is preparing to drill the T-200 vertical well. To capitalize on current oil prices, TAG Oil is actively working to secure a drilling rig and plans to commence operations once a suitable rig becomes available.

The T-200 well is expected to reach a total depth of approximately 4,200 metres and will target the Abu Roash F (ARF) formation. Based on results from nearby wells, the ARF formation in this area is interpreted to be naturally fractured and to contain high-quality light oil (enhanced thermal maturity of 42 degrees API). While this information is considered encouraging, there is no assurance that similar results will be obtained from the T-200 well.

Production from the BED-1 concession averaged approximately 65 barrels of oil per day during Q1 2026 (1).

SERQ concession

At the Southeast Ras Qattara (SERQ) concession, the company has selected an existing well to carry out a diagnostic fracture injectivity test (DFIT) on the ARF formation. Planning for the DFIT program is under way and field operations are expected to commence following execution of a petroleum services agreement, which is anticipated in Q2 (second quarter) 2026. The DFIT is intended to evaluate reservoir characteristics and support the company's assessment of the ARF formation, which may exhibit unconventional reservoir characteristics in this area. Subject to positive results, the company is considering drilling a new vertical well in Q4 (fourth quarter) 2026 to further evaluate the commercial potential of the reservoir.

TAG Oil's executive chairman and chief executive officer, Abby Badwi, commented: "I am pleased to report that funding of the company's planned 2026 activities is in place, we are maintaining stable production at BED-1 and we are advancing preparations to drill a new well aimed at bringing additional production on line in the second half of 2026. In parallel, we continue to evaluate opportunities to partner with industry participants to support future growth and development activities. I will be in Cairo over the next few months to follow up on our various activities in Egypt. We look forward to providing further updates as our operations progress and appreciate your continued interest and support."

About TAG Oil Ltd.

TAG Oil is a Canadian-based international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa.

(1) Gross (as defined in CSA Staff Notice 51-324, Revised Glossary to NI 51-101, Standards of Disclosure for Oil and Gas Activities) producing day average rates measured in the field prior to adjustment to sales crude oil volumes and crude oil inventory changes.

We seek Safe Harbor.