An anonymous director reports
TAG OIL REPORTS Q1 2024 RESULTS
TAG Oil Ltd. has filed its financial results for the interim period ending June 30, 2023. A copy of TAG Oil's financial statements and management discussion and analysis for the interim period ending June 30, 2023, are available on SEDAR-plus and on the company's website.
Highlights over the period include that the company had $15.5-million (March 31, 2023: $19.5-million) in cash and cash equivalents and $17.9-million (March 31, 2023: $21.6-million) in working capital and has no debt. TAG Oil recently announced the closing of its upsized $11.7-million bought deal public offering and continues to manage its costs and allocate the necessary resources toward its operations and business development efforts in Egypt and the broader Middle East and North Africa region.
Drilling operations at the Badr oil field (BED-1) in the Western Desert of Egypt of TAG Oil's first horizontal well, BED4-T100, are progressing. The company has set surface casing at approximately 1,250 metres and will be drilling out in the next 48 hours or so. The purpose of the T100 well is to target oil in the Abu-Roash F unconventional tight, carbonate reservoir in BED-1 at projected total vertical depth of 3,300 metres. The company will provide detailed drilling and completion updates in due course and anticipates that the T100 well will be completed by calendar Q4 2023.
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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