VANCOUVER,
BC, March 18, 2024 /CNW/ - TAG Oil Ltd.
(TSXV: TAO) (OTCQX: TAOIF) ("TAG Oil" or the
"Company") is pleased to announce a significant milestone in
its ongoing exploration and development efforts within the Badr Oil
Field ("BED-1") with the successful completion of the
drilling phase for the BED4-T100 ("T100") horizontal well in
the Abu Roash "F" limestone formation ("ARF").
The well has penetrated an over-pressured
reservoir with regions of exceptional porosity and permeability.
During drilling operations, there have been clear signs of free oil
flowing into the wellbore and to surface, accompanied by
consistently elevated gas readings across the ARF formation. The
high pressure and potentially high gas to oil ratio in the ARF zone
are projected to enhance the T100 well's production
capabilities.
Given the notably higher reservoir pressure and
gas readings observed during drilling, TAG Oil has made the
proactive decision to adjust the lateral length to 308 meters
(1,000 feet) as a safety measure. The Company is now optimizing the
multistage hydraulic fracture completion design, poised to maximize
the stimulated reservoir volume of the wellbore. The exceptional
quality of the encountered reservoir section presents an exciting
prospect, offering the potential for robust oil production
performance following the hydraulic fracture stimulation of the ARF
horizontal well.
Preparations for the completion stage, necessary
to commence fracture stimulation, are well underway. The 4-1/2"
liner with the packers assembly required for the completion has
been installed and the drilling rig is in the process of being
released. The completion surface equipment and personnel will be
mobilized to the T100 well location and the Company expects to
start stimulating the well by the middle of April. TAG Oil will
continue to provide further updates, as necessary.
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.
Website: http://www.tagoil.com/
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 press 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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SOURCE TAG Oil Ltd.