TAG Oil Ltd. V.TAO

Alternate Symbol(s): TAOIF

Energy Oil & Gas E&P

TAG Oil Ltd. is an international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa. It holds an interest in the Badr Oil Field (BED-1), a 26,000-acre concession located in the Western Desert, Egypt, through a production services agreement (the PSA) with Badr Petroleum Company (BPCO). It is focused on BED-1 the re-completion and evaluation operations of the BED 1-7 vertical well. These initial operations are part of its phase I development program of Abu Roash F (ARF) reservoir in BED-1. The BED 1-7 well started oil production from the ARF reservoir. Its Field Development Plan (FDP), consisting of drilling 20 horizontal wells to be completed with multi-stage fracture stimulation, is focused on the east central part of the BED-1 concession area and contains OIIP P50 volumes of 178.3 million barrels and mean volumes of 179.0 million barrels. Its subsidiaries include TAG Energy International Ltd., CX Oil Limited, and others.

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TAG Oil Ltd.

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Post by waIlabe_shorton Sep 01, 2009 7:08am

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Post# 16266516

Q1 Results Out

TAG Oil Files First-Quarter Results for 2010

    VANCOUVER, Aug. 31 /CNW/ - International oil and gas producer and
explorer TAG Oil Ltd. (TSX-V: TAO), announces its filing of the Company's
unaudited consolidated interim financial statements and the accompanying
management's discussion and analysis for the period ending June 30, 2009.

Summary of selected financial results:

For the three months ended June 30, 2009, TAG reported production revenue
of $588,818 from the Company's 30.5% interest in the Cheal oil field, compared
to $2,060,824 in revenue for the same quarter last year. Production and
royalty costs amounted to $191,009, compared to $437,866 in costs for the same
quarter last year. The net loss recorded for the quarter was $170,055,
compared to net income of $790,954 for the three months ended June 30, 2008.
Revenue was affected by reductions in the oil price and a decrease in
production rates. The average oil price for the current quarter was $64 per
barrel (June 30, 2008: $131 per barrel) and the number of gross barrels of oil
sold during the quarter was 30,468 (June 30, 2008: 51,340 barrels sold).
Royalty and production costs for the quarter averaged under $20 per
barrel (June 30, 2008: $33 per barrel), resulting in a netback per barrel of
approximately $44 (June 30, 2008: $98 per barrel).
The Company ended the first quarter of the 2010 fiscal year debt-free,
with $6.9 million in cash and $7.72 million in working capital.
TAG Oil CEO Garth Johnson commented, "TAG is continuing to work towards
closing the acquisition of the remaining 69.5% interest in the Cheal Mining
License and Petroleum Exploration Permit 38748. In the meantime, TAG is
working closely with the receiver of Austral Pacific Energy Ltd. to further
reduce production costs and improve operational efficiencies of the field.
Following the official transfer of operatorship, the Company plans to
implement an optimization program on existing producing wells that could
improve field productivity. Currently the Cheal oil field is producing 380
barrels of light oil per day."