VANCOUVER, BC, March 18, 2024 /PRNewswire/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) ("TAG Oil" or the "Company") is pleased to announce a significant milestone in its ongoing exploration and development efforts within the Badr Oil Field ("BED-1") with the successful completion of the drilling phase for the BED4-T100 ("T100") horizontal well in the Abu Roash "F" limestone formation ("ARF").
The well has penetrated an over-pressured reservoir with regions of exceptional porosity and permeability. During drilling operations, there have been clear signs of free oil flowing into the wellbore and to surface, accompanied by consistently elevated gas readings across the ARF formation. The high pressure and potentially high gas to oil ratio in the ARF zone are projected to enhance the T100 well's production capabilities.
Given the notably higher reservoir pressure and gas readings observed during drilling, TAG Oil has made the proactive decision to adjust the lateral length to 308 meters (1,000 feet) as a safety measure. The Company is now optimizing the multistage hydraulic fracture completion design, poised to maximize the stimulated reservoir volume of the wellbore. The exceptional quality of the encountered reservoir section presents an exciting prospect, offering the potential for robust oil production performance following the hydraulic fracture stimulation of the ARF horizontal well.
Preparations for the completion stage, necessary to commence fracture stimulation, are well underway. The 4-1/2" liner with the packers assembly required for the completion has been installed and the drilling rig is in the process of being released. The completion surface equipment and personnel will be mobilized to the T100 well location and the Company expects to start stimulating the well by the middle of April. TAG Oil will continue to provide further updates, as necessary.