TAG Oil Provides Financial Results and Operating Updates for Q1-2026
Rhea-AI Summary
TAG Oil (OTCQB: TAOIF) filed financial results for the interim period ending March 31, 2026. Cash on March 31, 2026 was C$11.5 million and working capital was C$11.3 million, supported by a C$11.5 million equity financing in February 2026, with no debt.
The BED-1 wells in Egypt produced an average of 72 barrels of oil per day during the quarter, with crude sales of 59 barrels per day. TAG Oil has secured a rig to drill a 4,250-meter well at BED-1 in Q3-2026.
Positive
- Cash balance increased to C$11.5 million by March 31, 2026
- Working capital improved to C$11.3 million from C$1.9 million on December 31, 2025
- Completed C$11.5 million equity financing in February 2026
- No debt on the balance sheet as of March 31, 2026
- BED-1 wells averaged 72 barrels of oil per day production in the quarter
- Rig secured to drill a 4,250-meter BED-1 well in Q3-2026
Negative
- None.
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Vancouver, British Columbia--(Newsfile Corp. - May 29, 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 interim period ending March 31, 2026. A copy of TAG Oil's financial statements and management discussion and analysis for the interim period ending March 31, 2026, are available on SEDAR+ (www.sedarplus.ca) and on the Company's website (http://www.tagoil.com/).
On March 31, 2026, the Company held C
During the quarter ending March 31, 2026, both Badr Oil Field ("BED-1") wells produced at an average rate of 72 barrels of oil per day(1). Crude oil sales delivered from BED-1 for the same period represented 59 barrels of oil per day.
Subsequent to the quarter end, TAG Oil has made meaningful progress on its near-term operational and growth objectives in Egypt by securing a drilling rig to drill a 4,250 meter well at the BED-1 concession in Q3-2026. The Company remains focused on disciplined execution of its field development program and evaluating opportunities that complement its existing operations and enhance long-term shareholder value. TAG Oil will continue to keep shareholders informed as these initiatives develop.
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 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/299315