VANCOUVER, BC, May 28, 2024
/CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) (FSE: T0P)
("TAG Oil" or the "Company") is pleased to announce
that the initial flow-back operation at the BED4-T100
("T100") horizontal well has been completed. The workover
rig has been mobilized to the T100 well location to swap the 4 ½"
frac tubing with 3 ½" production tubing, install a jet pump for
artificial lift, and immediately put the well on long term
production.
The Company anticipates announcing a 10-day initial production
average in the second half of June, which will indicate actual
productivity potential for the T100 well.
Mr. Toby Pierce, TAG Oil's Chief
Executive Officer, commented "This is an important step in bringing
on long term production from our T100 well. The workover will help
us lift oil more efficiently and cost effectively, and potentially
achieve higher sustained rates going forward."
Also, a replay of the Company's conference call held on
May 17, 2024, is available on demand
at http://www.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.
Website: http://www.tagoil.com/
LinkedIn: https://www.linkedin.com/company/tag-oil-ltd
X: https://twitter.com/tagoilltd
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/tag-oil-announces-operation-to-commence-long-term-production-at-bed4-t100-horizontal-well-302156436.html
SOURCE TAG Oil Ltd.