TAG Oil Provides Financial Results and Operating Updates for First Half 2026
Rhea-AI Summary
TAG Oil (OTCQB: TAOIF) reported financial results for the six months ended June 30, 2026, with C$10.4 million in cash and cash equivalents, C$10.3 million in working capital and no debt. The company’s two BED-1 wells produced an average of 66 barrels of oil per day, with crude oil sales of 53 barrels per day for the quarter ended June 30, 2026.
According to TAG Oil, drilling of the 4,250-meter vertical T-200 well at the BED-1 field targeting the Abu Roash “F” formation began on August 6, 2026, with drilling and completion expected by September 30, 2026. The company also reported extended delays in adding exploration blocks to the Southeast Ras Qattara concession, and is concurrently pursuing other open-acreage opportunities in Egypt’s Western Desert.
Positive
- Cash and working capital of C$10.4 million and C$10.3 million as of June 30, 2026
- No debt reported on the balance sheet as of June 30, 2026
- BED-1 production averaged 66 barrels of oil per day in Q2 2026
- T-200 well drilling commenced August 6, 2026, targeting ARF at 4,250 meters
Negative
- Delayed inclusion of additional exploration blocks in the Southeast Ras Qattara concession
- Resubmission of previously agreed proposal delayed pending new law amending concession terms
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Vancouver, British Columbia--(Newsfile Corp. - August 27, 2026) - TAG Oil Ltd. (TSXV: TAO) (OTCQB: TAOIF) (FSE: T0P) ("TAG Oil" or the "Company") is pleased to report the filing of its financial results for the six-month period ending June 30, 2026. A copy of TAG Oil's financial statements, and management discussion and analysis for the period ending June 30, 2026, are available on SEDAR+ (www.sedarplus.ca) and on the Company's website (http://www.tagoil.com/).
On June 30, 2026, the Company had C
During the three months ending June 30, 2026, both Badr Oil Field ("BED-1") wells produced an average of 66 barrels of oil per day(1). Crude oil sales delivered from BED-1 for the same period was 53 barrels of oil per day.
Subsequent to June 30, 2026, the Company commenced drilling the T-200 well on August 6, 2026. This 4,250 meter vertical well is targeting the Abu Roash "F" ("ARF") formation, a naturally fractured reservoir at this location at BED-1. Drilling and completion operations are scheduled to be completed by September 30, 2026, with well test results available shortly thereafter.
To date, there have been extended delays, beyond TAG Oil's control, of including additional exploration blocks into the Southeast Ras Qattara concession. This has in turn delayed TAG Oil's commitment to resubmit its previously agreed proposal following enactment of a new law amending the concession terms. In the meantime, the Company is pursuing other open-acreage opportunities in the Western Desert that are prospective for the unconventional ARF formation. TAG Oil will provide progress updates on both fronts as appropriate.
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. Forward-looking statements in this release include, but are not limited to, statements regarding the anticipated completion of drilling and completion operations at the T-200 well by September 30, 2026, the timing of availability of related well test results, and TAG Oil's plans to resubmit its proposal for the inclusion of additional exploration blocks into the Southeast Ras Qattara concession. Forward-looking statements are often, but not always, identified by the use of words such as "anticipates", "believes", "estimates", "expects", "intends", "plans", "scheduled" or similar expressions. All estimates and statements that describe the Company's operations acquisition 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.
References to "oil" in this release include crude oil and field condensate.
(1) Gross (as defined in CSA Staff Notice 51-324 Revised Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities) producing day average rates measured in the field prior to adjustment to sales crude oil volumes and crude oil inventory changes.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/311640