TAG Oil Provides Operations Update and Results for Financial Year End

TAG Oil Provides Operations Update and Results for Financial Year End

VANCOUVER, BC, April 30, 2025 /CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) (FSE: T0P) ("TAG Oil" or the "Company") is pleased to announce the following operations and financial update:

Production from the BED4-T100 ("T100") horizontal well and the BED 1-7 vertical well at the Badr Oil Field ("BED-1") located in the Western Desert of Egypt, averaged 102 barrels of oil per day ("bopd") from T100 and 85 bopd from BED 1-7 in the fourth quarter of 2024¹. Current production in the first quarter of 2025 averaged 130 bopd from both wells¹. Cumulative production to date from the two wells has exceeded 40,000 barrels¹.

Both the T100 and BED 1-7 wells have been equipped with sucker rod pumping systems for stable long-term production and were temporarily shut-in during the first quarter of 2025 for pressure build-up analysis. In addition, construction improvements were completed on the two well-site Early Production Facilities (EPF) for improved handling and treatment of the medium grade Abu Roash "F" crude oil to meet delivery specifications and safe handling requirements for crude trucking operations to a new delivery point in the Ras Gharib system.

TAG Oil is also pleased to report the filing of its financial results for the fiscal year ending December 31, 2024. A copy of TAG Oil's financial statements, and management discussion and analysis for its most recently completed financial year are available on SEDAR+ (www.sedarplus.ca) and on the Company's website (http://www.tagoil.com/).

On December 31, 2024, the Company had C$6.6 million in cash and cash equivalent and $5.0 million in working capital, compared to September 30, 2024, of $4.4 million in cash and cash equivalents and $2.3 million in working capital. The Company has no debt. 

Looking ahead, the recent sale of TAG Oil's New Zealand royalty interest added US$2.2 million (approximately C$3.0 million) of cash to the Company's balance sheet. The additional liquidity will be allocated to support the 2025 capital program including bringing on a joint venture partner to accelerate the BED-1 drilling campaign. While it is taking longer than expected to complete the new acquisition, progress is being made towards closing of this strategic asset acquisition in Egypt.

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 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 acquisition 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. The Company shall not be liable or responsible for any claim or damage, direct or indirect, special or consequential, incurred by the user arising out of the interpretation, reliance upon or other use of the information contained in the pages of this release.

Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company's future success 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. 

Certain information in this presentation may constitute "analogous information" as defined in NI 51-101, including, but not limited to, information relating to the areas in geographical proximity to the lands held by TAG Oil. Such information is derived from a variety of publicly available information from government sources, regulatory agencies, public databases or other industry participants (as at the date stated therein) that TAG Oil believes are predominantly independent in nature. TAG Oil believes this information is relevant as it helps to define the reservoir characteristics in which TAG Oil may hold an interest. TAG Oil is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor or in accordance with the Canadian Oil and Gas Evaluator Handbook.

References to "oil" in this release include crude oil and field condensate.

SOURCE TAG Oil Ltd.