VANCOUVER, BC, July 8, 2024
/CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) (FSE:
T0P) ("TAG Oil" or the "Company") announced
today that it is continuing to produce oil and unload fracture
fluid from the BED4-T100 ("T100") horizontal well in the
Badr-1 Oil Field in the Western Desert of Egypt, and has commenced shipping the crude
oil for further treating and handling.
The current T100 oil production is 400 barrels of oil per day,
and associated gas-oil ratio is 150 standard cubic feet per barrel.
Production rates represent approximately 130 barrels of oil per day
per 100 meters of lateral horizontal length completed in the
Abu-Roash "F" ("ARF") unconventional tight, carbonate
reservoir, which is better than analogous reservoirs, and aligned
with performance simulation forecasts (see the Company's
July 2024 Corporate Presentation at
http://www.tagoil.com/).
The newly installed jet pump system is designed to lift 600
barrels of fluid per day at peak efficiency and current fluid rates
have fluctuated between 400 and 500 barrels per day. The Company
continues to optimize productivity of the T100 well by gradually
increasing pump speed and reducing in-take pressure to reach the
best stabilized production rate. The Company has now sent crude oil
shipments to two third-party receiving terminals in the Western
Desert and are engaging in agreements and implementing
infrastructure for regular shipments of ARF crude oil in the third
quarter. Total oil produced from T100 to date is in excess of
10,000 barrels.
Mr. Toby Pierce, TAG Oil's Chief
Executive Officer, stated "We are excited to be trucking oil to two
nearby terminals for further treating and handling. With the
encouraging results of this discovery well, we are eager to start
drilling our next ARF well with a full 1,000-meter lateral section.
We are also progressing various business development efforts to
increase our footprint on this play in Egypt, and we have other ongoing initiatives
in the broader Middle East
region."
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 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.
SOURCE TAG Oil Ltd.