TAG Oil Provides Financial Results for Q3-2025 and Corporate Update
Rhea-AI Summary
TAG Oil (OTCQB: TAOIF) filed interim financial results for the period ended September 30, 2025. The company reported C$3.95 million in cash and cash equivalents and C$3.53 million in working capital at September 30, 2025, down from C$5.34 million and C$4.96 million at June 30, 2025. TAG Oil has no debt.
Production from the BED-1 Abu Roash F unconventional wells averaged 87 barrels of oil per day during the quarter, with crude oil sales averaging 70 barrels per day. The company is pursuing an industry partner to accelerate drilling and is progressing on a definitive petroleum services agreement with the Egyptian National Petroleum for Exploration and Development Company for development of the ARF reservoir in Southeast Ras Qattara.
The company announced the appointment of Doug Urch as Vice President and Chief Financial Officer effective January 1, 2026, following a transition period beginning December 1, 2025; current CFO Barry MacNeil will conclude his term December 31, 2025.
Positive
- No debt on the balance sheet
- Production averaged 87 bbl/day at BED-1 ARF
- New CFO appointment: Doug Urch effective Jan 1, 2026
Negative
- Cash decreased to C$3.95M from C$5.34M (June 30, 2025)
- Working capital fell to C$3.53M from C$4.96M (June 30, 2025)
- Crude oil sales 70 bbl/day, below production of 87 bbl/day
Vancouver, British Columbia--(Newsfile Corp. - December 1, 2025) - 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 September 30, 2025. A copy of TAG Oil's financial statements, and management discussion and analysis for the interim period ending September 30, 2025, are available on SEDAR+ (www.sedarplus.ca) and on the Company's website (http://www.tagoil.com/).
On September 30, 2025, the Company had C
During the quarter ending September 30, 2025, production from the Badr Oil Field ("BED-1") unconventional Abu Roash "F" ("ARF") wells averaged 87 barrels of oil per day.(1) Crude oil sales delivered for the same period was 70 barrels of oil per day.
TAG Oil continues its efforts to secure an industry partner to accelerate further drilling at the BED-1 field. The Company is also making progress with the Egyptian National Petroleum for Exploration and Development Company regarding the execution of the definitive petroleum services agreement following the recent approval for the development of the unconventional ARF reservoir within the Southeast Ras Qattara concession. The Company will continue to keep shareholders informed as these matters develop.
Corporate Update
The Company is also pleased to announce the appointment of Mr. Doug Urch as Vice President and Chief Financial Officer of TAG Oil, effective January 1, 2026.
Mr. Urch will initially serve as Corporate Finance Manager starting on December 1, 2025, to support a smooth transition before assuming the role as the Company's Vice President and Chief Financial Officer. He will succeed Mr. Barry MacNeil, whose term as Chief Financial Officer will conclude on December 31, 2025.
Mr. Urch is a Chartered Professional Accountant (CPA) and brings over 25 years of financial and executive experience within the energy sector. His previous senior roles include Executive Vice President and Chief Financial Officer with several E&P companies, including PetroTal Corp. (with operations in Peru), Bankers Petroleum Ltd., and Rally Energy Corp.
TAG Oil's Executive Chairman and CEO, Abby Badwi, commented, "On behalf of the Company, I would like to thank Barry for his many years of service and wish him every success in his future endeavors. I would also like to welcome Doug to TAG Oil and look forward to working together again following our previous successful collaboration at Bankers Petroleum in Albania and Rally Energy in Egypt."
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 contains certain "forward-looking information" within the meaning of applicable securities laws, including statements related to the Company's operations, timing of management transitions, and the Company's business and operational plans. Forward-looking information is based on expectations and assumptions that management believes are reasonable at the time such information is provided; however, forward-looking information is subject to risks and uncertainties that may cause actual results to differ materially. Readers are cautioned not to place undue reliance on forward-looking information because the Company can give no assurance that they will prove to be correct. Except as required by applicable securities laws, the Company does not undertake to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
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/276544
FAQ
What cash position did TAG Oil (TAOIF) report for September 30, 2025?
How much working capital did TAG Oil (TAOIF) have at September 30, 2025?
What were TAG Oil's (TAOIF) production and sales rates in Q3 2025 at BED-1?
Is TAG Oil (TAOIF) carrying any debt according to the September 30, 2025 results?
Who will be TAG Oil's (TAOIF) new CFO and when does the change take effect?
What progress did TAG Oil (TAOIF) report on development in Egypt on December 1, 2025?
