VANCOUVER, BC, Aug. 29,
2023 /CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX:
TAOIF) ("TAG Oil" or the "Company") is pleased
to report the filing of 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+ (www.sedarplus.ca) and on
the Company's website.
Highlights over the period include that the Company had
C$15.5 million (March 31, 2023: C$19.5
million) in cash and cash equivalents and C$17.9 million (March 31,
2023: C$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
towards 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 ("T100"), are progressing.
The Company has set surface casing at ~1,250 meters 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 meters. 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 (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.
This press release includes cumulative production rates for a
certain well over short period of time. Short term production rates
are preliminary, subject to a high degree of predictive
uncertainty, and not determinative of the rates at which those or
other wells will continue to produce and thereafter decline. Short
term test rates are not necessarily indicative of long-term well or
reservoir performance or of ultimate recovery. Production over a
longer period will experience natural declines, which can be high
and may not be consistent over a longer period. Actual results will
differ from those realized during an initial production period and
the differences may be material.
References to "oil" in this press release include crude oil
and field condensate.
View original
content:https://www.prnewswire.com/news-releases/tag-oil-reports-q1-2024-results-301912257.html
SOURCE TAG Oil Ltd.