Welcome to our dedicated page for Tag Oil news (Ticker: TAOIF), a resource for investors and traders seeking the latest updates and insights on Tag Oil stock.
TAG Oil Ltd. reports on oil exploration, evaluation and production activity in the Middle East and North Africa, with current company updates centered on Egypt's Western Desert. Recurring news covers the Badr Oil Field, or BED-1, including the T100 horizontal well, the BED 1-7 vertical well, artificial-lift operations, crude deliveries to Ras Gharib processing facilities, and evaluation of the Abu Roash "F" reservoir.
Company announcements also address financial results, balance-sheet actions, royalty-interest sales, petroleum services agreement terms, planned drilling and reservoir testing categories, TSX Venture Exchange matters, annual meeting votes, auditor appointments, director elections, stock option grants and market-making arrangements.
TAG Oil (TSXV: TAO, OTCQX: TAOIF, FSE: T0P) reported its fiscal Q1 2024 financial results for the period ending March 31, 2024. The company had C$12.7 million in cash and cash equivalents and C$9.4 million in working capital, with no debt. TAG Oil focused on operations in Egypt's Western Desert, specifically the development of the Abu Roash 'F' (ARF) reservoir in the Badr Oil Field (BED-1).
The company successfully completed the drilling phase for the BED4-T100 horizontal well and pumped all 12 planned stages of its hydraulic frac. TAG Oil plans to announce the productivity potential of the T100 well following a 10-day production test later in June. Additionally, TAG Oil is pursuing acquisition opportunities in Egypt and the broader Middle East and North Africa region.
TAG Oil (TSXV: TAO) (OTCQX: TAOIF) (FSE: T0P) has completed the initial flow-back operation at the BED4-T100 horizontal well. The company mobilized a workover rig to the T100 well to replace the 4 ½" frac tubing with 3 ½" production tubing, install a jet pump for artificial lift, and start long-term production immediately. A 10-day initial production average is expected to be announced in June to assess the productivity potential of the well. CEO Toby Pierce highlighted the importance of this step in achieving efficient and cost-effective oil production.
TAG Oil announced successful initial production test results from its BED4-T100 horizontal well in Egypt's Western Desert. The well tested at 800 barrels of oil per day (BOPD) and showed favorable reservoir characteristics with a water-cut below 30% during the clean-up phase. The well will continue natural flow for 2-3 weeks before artificial lift systems are installed. TAG Oil plans to drill longer horizontal wells in the future, aiming for lateral lengths of up to 1,000 meters with more fracture stages. The company sees this as a important step towards developing the 500 million barrels of oil in the Abu-Roash 'F' tight carbonate reservoir.
TAG Oil reports financial results for the fiscal year ending December 31, 2023. The Company had C$16.4 million in cash and cash equivalents, C$12.2 million in working capital with no debt. TAG Oil focuses on business development in Egypt and other regions.
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