VANCOUVER, BC, May 30, 2023
/CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX:
TAOIF) ("TAG Oil" or the
"Company") is pleased to announce the formal appointment of
two new highly experienced VPs with strong operational backgrounds
and the promotion of the Company's accomplished country manager,
which will enhance TAG Oil's management team in Egypt and the broader MENA region.
Mr. Gamal Rezk has been promoted
to VP & General Manager of TAG Petroleum Egypt Ltd.
("TPEL"), along with the appointment of Mr. Samir Abady who joins as VP & Operations
Manager and Mr. Kevin Baxter as VP
& Technical Manager of TPEL.
Mr. Gamal Rezk, VP &
General Manager
Mr. Rezk is the current country manager and has been
instrumental in setting up TPEL's Egypt branch over the last three years. Mr.
Rezk has over 24 years of oil and gas industry experience working
with international energy companies with head offices based
overseas and is instrumental in aligning corporate office personnel
with Egypt based operations. Mr.
Rezk served as VP of Finance, and then CFO, of Scimitar Production
Egypt from June 2006 until he joined
TAG Oil in 2020. Prior to that he served as Finance Administration
Director at VA Tech Siemens from 1999 to 2006 and provided
management services for a variety of international companies,
including Halliburton and Schneider Electric. Mr. Rezk is a
Commerce graduate from the University of Cairo and completed the mini-MBA program in
Egypt sponsored by the
University of North Carolina in 2005,
and the Certified Management Accounting-CMA Advanced Accounting
Systems in Toronto, Canada.
Mr. Samir Abady, VP &
Operations Manager
Mr. Abady has over 35 years of experience in the oil and gas
industry in Egypt, having
supervised and managed the drilling of numerous exploration and
development wells in the country. His career commenced in 1986 with
Khalda Petroleum Company ("Khalda") as a Drilling Engineer
and then advanced to Drilling General Manager in 2009. In 2011, Mr.
Abady was appointed as Khalda's Deputy Operation GM and a board
member, and a board member in Tanmia Petroleum Company (went on to
serve as their Chairman & CEO in 2017). In 2014, Mr. Abady was
appointed as Chairman & MD of an Apache/Egyptian General
Petroleum Corporation ("EGPC") joint venture company (Qarun
Petroleum Company), and as a board member of Petrojet. In
December 2015, Mr. Abady was
appointed as Chairman & MD of the Egyptian Drilling Company
("EDC"), and later went on to serve as a board member of EDC
and as EGPC's Deputy CEO for Production and a board member. Mr.
Abady was also a non-executive Chairman & MD of Farah Petroleum
Company (PetroFarah) and General Manager of National Drilling
Company. Mr. Abady obtained a Bachelor's degree in Petroleum
Engineering from Suez Canal University in 1986.
Mr. Kevin Baxter, VP &
Technical Manager
Mr. Baxter is a senior leader with over 30 years of proven oil
and gas management experience in developing and managing large,
diverse organizations that have delivered against challenging
objectives. Mr. Baxter started his career as a Production Engineer
with Amoco Canada in 1994, and then
with Anderson Exploration, Beau Canada Exploration, and Canadian
Occidental Petroleum Yemen. Mr. Baxter then went on to serve as a
manager for Nexen Petroleum, managing various operations in
Yemen and the UK, including
reservoir, maintenance, production, completions, drilling,
engineering, and construction. Mr. Baxter went on to serve as a
Technical Director for all of Bankers Petroleum's technical
functions and as General Director for all production and operations
within Albania from 2015 to 2019.
Mr. Baxter holds a B.Sc. in Mechanical Engineering from the
University of Calgary that he obtained
in 1990.
Toby Pierce, CEO of TAG Oil,
commented, "As our operations progress in Egypt, I am excited that Mr. Rezk, Mr. Abady,
and Mr. Baxter will form the backbone of TAG Oil's management team
in Egypt. They are a significant
addition to our Company, and all have strong backgrounds,
established industry relationships, and proven track records of
increasing corporate and operational performance, and are highly
motivated, detail and goal-oriented, and are focused on
results."
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.
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SOURCE TAG Oil Ltd.