11:41:03 EDT Tue 25 Jun 2024
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TAG Oil Ltd (2)
Symbol TAO
Shares Issued 184,662,792
Close 2024-01-02 C$ 0.445
Market Cap C$ 82,174,942
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ORIGINAL: TAG Oil Provides Update on BED4-T100 Well

2024-01-03 11:41 ET - News Release

VANCOUVER, BC, Jan. 3, 2024 /PRNewswire/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) ("TAG Oil" or the "Company") would like to provide the following update on drilling progress of the BED4-T100 ("T100") horizontal well in the Badr Oil Field ("BED-1") in the Western Desert of Egypt.

As reported in the November 15 update, drilling continued from the intermediate cased section of the well and reached a measured depth of 3,312 meters in the Abu-Roash "F" ("ARF") at  hole angle of 90 degrees. However, geo-mechanical hole stability concerns in the upper section of the hole in the Abu-Roash "E" ("ARE"), an over-pressured formation with layered carbonate and shale lithology changes, was coupled with mechanical issues with the drilling rig mud system. This provided challenges to condition the build section of the hole past 3,200 meters to be able to run the casing liner, and multiple attempts to drill out past this point and continue into the ARF target reservoir were encumbered.

The Company elected to plug back this hole section, initiate repairs of the drilling rig shale-shakers and tanks on the rig mud system, and review drilling procedures to isolate the ARE zone of the hole and landing the casing liner in the ARF carbonate reservoir zone prior to proceeding with drilling the lateral.

Next steps include re-drilling from the intermediate cased section of the T100 well at approximately 2,650 meters with an oil-based mud system and adjusting the directional drilling services and tools with the goal of drilling a smoother, stable build section in the ARE and isolating it prior to drilling the ARF lateral section.

As previously disclosed, the ARF target reservoir in the T100 vertical pilot well and in the initial lateral section encountered very good oil shows with high hydrocarbon gas readings and good indications of primary porosity. These drilling challenges are not projected to impact the prospect of the ARF resource oil play.

Repairs on the drilling rig and planning for the next leg are underway and completion of the drilling phase is projected to be done next month. The drilling rig will then be released and a rig-less well completion phase with fracture stimulation of the ARF will start immediately after. TAG Oil will continue to provide regular drilling updates, as necessary.

The Company will be hosting a live conference call on Thursday, January 4, 2024, at 7:00 AM PST / 10:00 AM EST to discuss this drilling update. Interested parties will be able to access the conference call via live teleconference in listen-only mode by dialling:

  • Canada/USA Toll Free: 1-800-319-4610; or
  • International Toll: +1-604-638-5340.

Callers should dial in 5 to 10 minutes prior to the scheduled start time on January 4, 2024, at 7:00 AM PST / 10:00 AM EST.

A replay of the conference call will be available on demand following the conclusion of the live event at http://www.tagoil.com/. In addition, questions can be forwarded by e-mail in advance of the conference call to info@tagoil.com

About TAG Oil Ltd.

TAG Oil (http://www.tagoil.com/) is a Canadian based international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG Oil. All estimates and statements that describe the Company's operations are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties. Actual results may vary materially from the information provided in this release, and there is no representation by TAG Oil that the actual results realized in the future will be the same in whole or in part as those presented herein. TAG Oil undertakes no obligation, except as otherwise required by law, to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors change.

Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company's future success in exploiting and increasing its current resource base will depend on its ability to develop its current properties and on its ability to discover and acquire properties or prospects that are capable of commercial production. However, there is no assurance that the Company's future exploration and development efforts will result in the discovery or development of additional commercial accumulations of oil and natural gas. In addition, even if further hydrocarbons are discovered, the costs of extracting and delivering the hydrocarbons to market and variations in the market price may render uneconomic any discovered deposit. Geological conditions are variable and unpredictable. Even if production is commenced from a well, the quantity of hydrocarbons produced inevitably will decline over time, and production may be adversely affected or may have to be terminated altogether if the Company encounters unforeseen geological conditions. The Company is subject to uncertainties related to the proximity of any resources that it may discover to pipelines and processing facilities. It expects that its operational costs will increase proportionally to the remoteness of, and any restrictions on access to, the properties on which any such resources may be found. Adverse climatic conditions at such properties may also hinder the Company's ability to carry on exploration or production activities continuously throughout any given year. 

References to "oil" in this press release include crude oil and field condensate.

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