TAG Oil Extends the Evaluation Period for BED-1 and Provides Corporate Update
TAG Oil (OTCQB: TAOIF) reached an agreement with Badr Petroleum to extend the BED-1 evaluation period for three years to October 13, 2028.
During the extension TAG Oil commits to drill two additional wells at BED-1 and, subject to drilling results, may elect full-scale commercial development of the Abu Roash "F" reservoir. The company also amended the employment agreement for its VP and COO, Suneel Gupta, who will continue in his role until December 31, 2025 subject to mutual extension. Management said the recent Southeast Ras Qattara acquisition strengthens the company’s Egypt land position.
TAG Oil (OTCQB: TAOIF) ha raggiunto un accordo con Badr Petroleum per estendere il periodo di valutazione BED-1 di tre anni fino al 13 ottobre 2028.
Durante l'estensione TAG Oil si impegna a perforare due ulteriori pozzi in BED-1 e, a seconda dei risultati delle trivellazioni, può optare per lo sviluppo su scala commerciale completo del giacimento Abu Roash "F". L'azienda ha anche modificato l'accordo di lavoro per il suo VP e COO, Suneel Gupta, che continuerà nel suo ruolo fino al 31 dicembre 2025 soggetto a rinnovo reciproco. Il management ha dichiarato che l'acquisizione recente di Southeast Ras Qattara rafforza la posizione terrestre dell'azienda in Egitto.
TAG Oil (OTCQB: TAOIF) llegó a un acuerdo con Badr Petroleum para ampliar el periodo de evaluación BED-1 en tres años hasta el 13 de octubre de 2028.
Durante la extensión TAG Oil se compromete a perforar dos pozos adicionales en BED-1 y, sujeto a los resultados de la perforación, podría optar por un desarrollo comercial a gran escala del yacimiento Abu Roash "F". La empresa también enmendó el acuerdo de empleo para su VP y COO, Suneel Gupta, quien continuará en su cargo hasta el 31 de diciembre de 2025 sujeto a prórroga mutua. La dirección afirmó que la reciente adquisición de Southeast Ras Qattara fortalece la posición de la empresa en Egipto.
TAG Oil (OTCQB: TAOIF)는 BED-1 평가 기간을 3년 연장하여 2028년 10월 13일로 확정하는 내용에 대해 Badr Petroleum과 합의했다.
연장 기간 동안 TAG Oil은 BED-1에서 두 개의 추가 시추를 약속하고, 시추 결과에 따라 Abu Roash "F" 저장층의 전체 규모 상업 개발을 선택할 수 있다. 또한 회사는 부사장 겸 최고운영책임자(SVP & COO)인 Suneel Gupta의 고용계약을 개정하여 2025년 12월 31일까지 재연장 조건 하에 그 직무를 계속 수행한다. 경영진은 Southeast Ras Qattara의 최근 인수로 회사의 이집트 토지 위치가 강화되었다고 말했다.
TAG Oil (OTCQB: TAOIF) a conclu un accord avec Badr Petroleum pour prolonger la période d'évaluation BED-1 de trois ans jusqu'au 13 octobre 2028.
Pendant cette extension, TAG Oil s'engage à forer deux puits supplémentaires sur BED-1 et, en fonction des résultats de forage, pourrait opter pour un développement commercial à grande échelle du réservoir Abu Roash « F ». L'entreprise a également modifié le contrat de travail de son vice-président et directeur des opérations, Suneel Gupta, qui continuera à occuper son poste jusqu'au 31 décembre 2025 sous réserve d'une prolongation mutuelle. La direction a déclaré que l'acquisition récente de Southeast Ras Qattara renforce la position foncière de la société en Égypte.
TAG Oil (OTCQB: TAOIF) hat eine Vereinbarung mit Badr Petroleum getroffen, um die BED-1-Bewertungsperiode um drei Jahre bis zum 13. Oktober 2028 zu verlängern.
Im Rahmen der Verlängerung verpflichtet sich TAG Oil, zwei weitere Bohrungen in BED-1 vorzunehmen und je nach Bohrergebnissen eine vollständige kommerzielle Entwicklung des Abu Roash "F"-Vorkommens zu wählen. Das Unternehmen hat auch die Anstellungsvereinbarung für seinen VP und COO, Suneel Gupta, geändert, der bis zum 31. Dezember 2025 in seiner Rolle bleiben wird, vorbehaltlich gegenseitiger Verlängerung. Das Management sagte, der jüngste Erwerb von Southeast Ras Qattara stärkt die Landposition des Unternehmens in Ägypten.
TAG Oil (OTCQB: TAOIF) توصلت إلى اتفاق مع Badr Petroleum لتمديد فترة تقييم BED-1 ثلاث سنوات حتى 13 أكتوبر 2028.
خلال فترة التمديد تتعهد TAG Oil بالحفر بئرين إضافيين في BED-1، وبناءً على نتائج الحفر، قد تختار التطوير التجاري على نطاق واسع لخزان Abu Roash "F". كما عدلت الشركة عقد التوظيف الخاص بنائب رئيسها ومديرها التنفيذي للعمليات Suneel Gupta، الذي سيبقى في منصبه حتى 31 ديسمبر 2025 رهناً بتمديد متبادل. وقالت الإدارة إن الاستحواذ الأخير على Southeast Ras Qattara يعزز موقع الشركة على الأرض في مصر.
- Evaluation extended three years to Oct 13, 2028
- Commitment to drill 2 additional wells at BED-1 during extension
- COO continuity through Dec 31, 2025 (subject to extension)
- Southeast Ras Qattara acquisition strengthens Egypt land holdings
- Extension delays a final decision on full-scale commercial development
- Commercial development remains contingent on drilling results
Vancouver, British Columbia--(Newsfile Corp. - November 3, 2025) - TAG Oil Ltd. (TSXV: TAO) (OTCQB: TAOIF) (FSE: T0P) ("TAG Oil" or the "Company") is pleased to announce that it has reached an agreement with Badr Petroleum Company, holders of the BED-1 concession, to extend the evaluation period under the petroleum services agreement for three (3) years up to October 13, 2028. During the extension period, the Company commits to drill two (2) additional wells at BED-1 and subject to drilling results, TAG Oil may elect to proceed with full-scale commercial development of the Abu Roash "F" reservoir.
The Company also announces that it has entered into amendments to the employment agreement of its VP and Chief Operating Officer, Suneel Gupta. The amendments provide that Mr. Gupta will continue in his current role until December 31, 2025, subject to extension by mutual agreement.
Abby Badwi, TAG's Executive Chairman and CEO, commented, "We welcome the extension of the evaluation phase, allowing for additional drilling and comprehensive monitoring of multiple wells to better understand the potential of this strategic resource play. The recently announced Southeast Ras Qattara acquisition further strengthens our position and supports the continued expansion of land holdings and our operations in Egypt. We appreciate Mr. Gupta's continued involvement with the Company."
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.
For further information:
Abdel (Abby) Badwi, Executive Chairman and CEO
Email: info@tagoil.com
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 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272923
FAQ
What did TAG Oil (TAOIF) announce about the BED-1 evaluation period on November 3, 2025?
How many wells will TAG Oil (TAOIF) drill at BED-1 during the extension period?
Does the BED-1 extension guarantee full-scale production for TAG Oil (TAOIF)?
When will TAG Oil's COO Suneel Gupta remain in his role under the amended agreement?
What is the strategic significance of the Southeast Ras Qattara acquisition mentioned by TAG Oil (TAOIF)?
What is the timeline for a potential commercial decision at BED-1 for TAG Oil (TAOIF)?
