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TAG Oil Ltd (2)
Symbol TAO
Shares Issued 155,992,500
Close 2023-06-19 C$ 0.75
Market Cap C$ 116,994,375
Recent Sedar Documents

TAG Oil's BED 1-7 well producing at average 140 bopd

2023-06-19 10:27 ET - News Release

An anonymous director reports

TAG OIL PROVIDES BED 1-7 WELL PRODUCTION UPDATE

TAG Oil Ltd. has provided an operations update at the BED-1 field in the Western Desert, Egypt.

BED 1-7 well production

Since initial flowback of the BED 1-7 well on April 23, 2023, the well started by unloading to surface completion fluid from the fracture stimulation and formation oil under natural flow. The company temporarily shut in the well to install production tubing and downhole electric submersible pump (ESP). The BED 1-7 well started production on May 19, 2023, from the Abu-Roash F (ARF) reservoir with the ESP pump at rates of 150 barrels to 200 barrels of fluid per day, and continued to unload remaining fracture fluid with a gradual increase of formation oil over the first week. Pump speeds and surface choke adjustments were made to achieve a stabilized rate of production. Over the past two weeks, downhole pump intake pressure and production stabilized at an average rate of 140 barrels of oil per day, with about 5 per cent water content at a constant ESP pump speed and wellhead choke of 10/64 inches. The company intends to maintain the same pump speed and choke size to monitor the well's performance for the next 30 to 60 days. Cumulative oil production from the well to date is over 4,000 barrels of 23-degree API oil.

The performance of the BED 1-7 vertical well test has achieved the company's objectives for the well, including the diagnostic fracture injection test (DFIT) pressure leak-off for indications of reservoir parameters, fluid samples from the ARF, successful completion of a large single-stage fracture treatment on the ARF and inflow performance testing of the stimulated well. The company also learned a significant amount about the availability, quality, and delivery of materials and services in the Western Desert of Egypt, which will be important for implementation of the new horizontal well, and working with its local partners to ensure access for equipment and personnel in field operations, and establishing a timeline for future operations in the BED-1 field.

TAG Oil T100 horizontal well

The company was successful in securing a suitable drilling rig for the first horizontal well, BED4-T100, designed with a multistage fracture stimulation completion of the ARF formation. The rig will be mobilized from its current location in the Western Desert by mid-July and the well is scheduled to commence drilling shortly after. Detailed drilling and completion schedule plans will be provided at that time.

The well design includes a vertical pilot assessment well for potential coring, open-hole logging, formation imaging, pressure measurement and fluid sampling, followed by cement plug-back of the lower vertical pilot hole and whip-stock drilling of build and lateral horizontal sections of the T100 new well in the ARF reservoir. Information will be collected during the drilling of the well, including mud logging and drill cuttings to assess the reservoir quality across the lateral, which will be used in conjunction with the work completed on the geomechanical properties and 3-D seismic interpretation in the area to design the well completion.

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.

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