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.
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.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced its financial results for the interim period ending September 30, 2022. The company reported C$9.2 million in cash and C$11.5 million in working capital, noting a decline from C$13.1 million and C$15.4 million respectively as of June 30, 2022. TAG Oil paid a US$3 million signature bonus to Badr Petroleum Company for a petroleum services agreement in Egypt's Abu Roash reservoir. Furthermore, the company completed a C$25.3 million public offering after the quarter.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced an independent resource evaluation for the Abu Roash "F" formation in Egypt, estimating oil-initially-in-place (OIIP) P50 volumes at 531.5 million barrels. The Field Development Plan (FDP) involves drilling 20 horizontal wells, with a capital investment of US$104 million projected. Additionally, the company reported Proved Reserves of 14 thousand barrels and Proven plus Probable Reserves of 53 thousand barrels in New Zealand. The net present value is estimated at CDN$4.96 million.
TAG Oil Ltd. (OTCQX: TAOIF) announced the formal award of a petroleum services agreement (PSA) on September 11, 2022, by Badr Petroleum Company to develop the unconventional Abu Roash "F" reservoir in Egypt's Badr Oil Field. The PSA involves three phases: an evaluation pilot phase, followed by commercial production if successful. TAG Oil has conducted a technical analysis indicating a high probability of successful development using advanced techniques. The company will receive a service fee based on gross revenues and plans to engage independent engineering services for resource evaluation.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) reported its financial results for the interim period ending June 30, 2022. The company maintained C$13.1 million in cash and equivalents and C$15.4 million in working capital, showing stability with no debt. TAG Oil is actively pursuing opportunities in Egypt and other regions of North Africa and the Middle East. Future updates are expected on key strategic transactions. Financial statements and management analysis are available on SEDAR and the company's website.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) reported its financial results for the fiscal year ending March 31, 2022. The company holds C$13.3 million in cash and C$15.4 million in working capital, maintaining a debt-free status. TAG Oil is focusing on business development in Egypt and the Middle East, with expectations of updates on strategic opportunities by the end of Q3 2022. For detailed financial statements, visit SEDAR or TAG Oil's website.
TAG Oil Ltd. (TSXV: TAO) provides an update on its acquisition efforts in Egypt and the MENA region. The Company is currently pursuing several strategic acquisition projects and acknowledges that additional time will be necessary to complete these transactions. CEO Toby Pierce emphasizes the importance of in-person meetings with government and industry representatives in Egypt to advance discussions. TAG Oil appreciates shareholder patience as they navigate a longer-than-expected process, believing the efforts will ultimately yield positive results for business growth.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) announced its Q3 results for the period ending December 31, 2021. The company reported C$14.1 million in cash and cash equivalents, a decrease from C$15.2 million on September 30, 2021. Working capital increased slightly to C$15.8 million from C$15.6 million. TAG Oil holds no debt and is actively pursuing acquisition projects in Egypt while exploring opportunities in the Middle East and North Africa. Financial statements are available on SEDAR and the company's website.