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. (TAOIF) generates a steady stream of news related to its oil and gas exploration activities and corporate developments. As a Canadian based international oil and gas exploration company focused on the Middle East and North Africa, many of its announcements center on projects in Egypt’s Western Desert and on the unconventional Abu Roash "F" (ARF) reservoir.
On this page, readers can find coverage of TAG Oil’s operational updates, including production information from the Badr Oil Field (BED-1) ARF wells and developments in the Southeast Ras Qattara concession. The company’s news also highlights milestones such as approvals to enter into petroleum services agreements, extensions of evaluation periods, and independent technical assessments of volumetric estimates for the ARF formation.
TAG Oil’s releases frequently include corporate and financial updates. These may cover the filing of interim financial results, commentary on cash and working capital positions for specific reporting periods, and information about the absence of debt at certain dates. The company also reports on asset transactions, such as the sale of its Australian royalty interests to Cypress Petroleum Pty Ltd., and on efforts to participate in competitive bidding processes for additional exploration and production assets in Egypt.
Governance and market-related news items appear as well, including annual general meeting voting results, approval of an incentive stock option plan, and the engagement of ICP Securities Inc. to provide automated market making services under a fee-based agreement. Investors who follow TAG Oil’s news can track how the company describes its strategic focus on expanding its footprint in Egypt, its work on unconventional and conventional assets, and the risks and uncertainties it associates with hydrocarbon exploration and development.
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TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced the successful completion of re-entry and installation of the completion string at the BED 1-7 well in Egypt. The operation involved significant upgrades to the well infrastructure and indicated promising reservoir pressure and oil content. Future steps include perforation and hydraulic fracturing, with expected initial production data available by the end of April 2023. Furthermore, plans for the first horizontal well, T100, are underway, with completion anticipated in Q3 2023. CEO Toby Pierce reported the project remains on budget despite delays in service contracting.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced its financial results for the interim period ending December 31, 2022, highlighting a significant cash increase to C$21.4 million from C$9.2 million in September 2022. Working capital also grew to C$24.0 million, up from C$11.5 million, with no debt reported. The company completed an upsized public offering generating C$25.3 million. Operationally, TAG Oil has initiated re-completion activities on well BED 1-7 in Egypt's Badr Oil Field, with initial production expected in March 2023 and plans for further horizontal wells scheduled for May/June.
TAG Oil Ltd. (TSXV: TAO; OTCQX: TAOIF) has been recognized on the 2023 TSX Venture 50 list, ranking #6 in the energy sector. This annual list highlights the top 10 performing companies across various sectors on the TSX Venture Exchange, based on market capitalization growth, share price appreciation, and trading volume. CEO Toby Pierce emphasized the company's significant progress over the past year and outlined plans for continued growth, including drilling its first horizontal well in Egypt's BED-1 oil field in Q2 2023.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) has announced that its Phase 1 re-completion operations for the BED 1-7 vertical well are on schedule, with hydraulic fracture stimulation expected by the end of February 2023. Flow results from these operations are anticipated in March 2023. The company also granted 3.6 million stock options to directors and senior officers, exercisable at C$0.70 each for five years. TAG Oil is focused on oil and gas exploration in the Middle East and North Africa.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) has initiated re-completion and evaluation activities on the BED 1-7 vertical well as part of its Phase 1 development program for the Abu Roash 'F' reservoir in Egypt's Badr Oil Field. The BED 1-7 well previously produced 20,000 barrels at a rate of 418 barrels per day before being suspended. Current efforts involve conditioning the well and performing a Diagnostic Fracture Injection Test (DFIT) to assess reservoir characteristics. Results are expected in March 2023, aiding future horizontal drilling forecasts. Additionally, TAG Oil ranked 17th on the 2023 OTCQX Best 50 list for top performing companies.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced an operations update on December 15, 2022, focusing on the Abu Roash 'F' reservoir in the Badr Oil Field. The company plans to re-complete the BED 1-7 well, which previously produced 20,000 barrels of oil. Operations are set to begin in mid-January 2023, with results expected in March 2023. Additionally, TAG Oil has submitted permits for its first horizontal well, anticipated to be drilled in May/June 2023. The company also granted 1,150,000 stock options at C$0.70 per share.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced the results from its 2022 annual general meeting held in Vancouver, BC. Shareholders voted in favor of all six nominees for the board of directors, with votes ranging from 99.62% to 99.88%. Deloitte LLP was appointed as the company's auditor for the upcoming year, and the incentive stock option plan received 74.22% approval. TAG Oil focuses on oil and gas exploration in the Middle East and North Africa.