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) 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.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) held its 2021 annual general meeting on December 2, 2021. During the virtual meeting, all six nominees for the board of directors were elected, with votes ranging from 99.52% to 99.86% in favor. Deloitte LLP was appointed as the auditor for the upcoming year. Additionally, shareholders approved the incentive stock option plan with a 94.89% vote in favor. TAG Oil focuses on oil and gas exploration, particularly in the Middle East and North Africa.
TAG Oil Ltd. announced its financial results for Q2 ending September 30, 2021. The company holds C$15.2 million in cash and equivalents, down from C$15.6 million in the previous quarter, with working capital also declining to C$15.6 million from C$16.3 million. TAG Oil remains debt-free and is focused on cost management and resource allocation to enhance shareholder value. The company is actively pursuing acquisition projects in Egypt and exploring strategic opportunities in the Middle East and North Africa. A virtual annual general meeting is scheduled for December 2, 2021.
TAG Oil Ltd. reported its annual and fourth quarter results for the fiscal year ending March 31, 2021. As of this date, the Company had C$15.9 million in cash and C$17.0 million in working capital, maintaining a debt-free status. Capital expenditures were significantly reduced to C$0.2 million from C$3.6 million due to divestments in Australia. Notably, TAG Oil returned C$25.6 million to shareholders as a capital return in April 2020. The Company is pursuing acquisition opportunities in Egypt and other regions to enhance shareholder value.
TAG Oil Ltd. (TSXV: TAO, OTCQX: TAOIF) addressed recent stock trading activity in a press release dated June 2, 2021. The company stated there are no undisclosed developments or material changes responsible for the recent price increase and trading volume. TAG Oil is focusing on managing costs and pursuing acquisition projects in Egypt, along with exploring opportunities in the Middle East and North Africa. Further details will be shared as available.
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