TAG Oil Provides Corporate Update
Rhea-AI Summary
TAG Oil (OTCQB: TAOIF) announced its participation in an upcoming open bid process for various blocks in Egypt through the Egyptian National Petroleum for Exploration and Development Company (ENPEDCO). The bid process is expected to run through summer and close on August 31, 2025.
The company is particularly interested in a previously disclosed acquisition target in the Western Desert region, which would expand its acreage position and enhance its operational footprint for the unconventional Abu Roash "F" (ARF) oil resource play. CEO Abby Badwi emphasized the strategic importance of expanding the company's presence in Egypt.
Positive
- Potential expansion of acreage position in Egypt's Western Desert
- Strategic participation in ENPEDCO's open bid process
- Opportunity to enhance operational footprint in unconventional ARF oil resource play
Negative
- Bid outcome uncertainty
- Competitive bidding process with no guaranteed success
Vancouver, British Columbia--(Newsfile Corp. - July 11, 2025) - TAG Oil Ltd. (TSXV: TAO) (OTCQB: TAOIF) (FSE: T0P) ("TAG Oil" or the "Company") continues to look at expansion opportunities in both unconventional and conventional exploration and production assets in Egypt. As part of the initiative, the Company anticipates that it will be participating in a recently announced open bid for various blocks in Egypt by the Egyptian National Petroleum for Exploration and Development Company ("ENPEDCO"). The process will likely run through the summer and is expected to close on August 31, 2025.
This includes the previously disclosed acquisition target in the Western Desert, Egypt, which would significantly expand TAG Oil's acreage position and enhance its operational footprint in the region for the unconventional Abu Roash "F" (ARF) oil resource play.
"From the outset, TAG Oil has consistently emphasized the strategic importance for an expanded footprint in Egypt for our portfolio," said TAG Oil's CEO, Abby Badwi, "With the ENPEDCO process now underway, we are well-positioned to leverage our local expertise and technical readiness to present a compelling proposal."
The Company will continue to keep shareholders informed of any significant developments.
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
This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the Company's plans relating to advancing core business operations.
TAG Oil provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/258546
FAQ
When will TAG Oil's (TAOIF) ENPEDCO bid process close?
What regions is TAG Oil (TAOIF) targeting for expansion in Egypt?
Who is the CEO of TAG Oil (TAOIF)?
What is the strategic importance of the ENPEDCO bid for TAG Oil (TAOIF)?
What type of assets is TAG Oil (TAOIF) pursuing in Egypt?
