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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Post by moneysworthon May 16, 2024 4:08am

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Post# 36042686

News out!

Encouraging results, especially given the short interval.

They now seem confident in the future of this play...

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TAG Oil : Announces Successful Production Test Results from BED4-T100 Horizontal Well

May 16, 2024 at 02:06 am EDT

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TAG Oil Ltd. (TSXV:TAO, OTCQX:TAOIF, and FSE: TOP)("TAG Oil" or the "Company") is pleased to announce initial production test results on its BED4-T100 ("T100") horizontal well, which tested at 800 barrels of oil per day ("BOPD"). The T100 well has demonstrated encouraging results following a multi-stage hydraulic fracture stimulation targeting the Abu-Roash "F" ("ARF") tight carbonate reservoir in the Badr Oil Field ("BED-1") in the Western Desert of Egypt.

During the clean-up phase post-stimulation, the T100 well flowed at rates exceeding 1,000 barrels of fluid per day. By the conclusion of the production test, the water-cut had decreased to below 30%, indicating favorable reservoir characteristics and effective well stimulation techniques. During flowback, the oil production rates ranged between 400 and 800 BOPD as the well unloaded. The well will continue to be unloaded under natural flow for another two to three weeks until an artificial lift system and surface facilities are installed. The well has recovered approximately 23% of the frac load water and has produced over 4,500 barrels of oil to date.

Mr. Toby Pierce, TAG Oil's Chief Executive Officer, commented "We are pleased with the performance of our first well in the ARF resource play despite encountering drilling challenges resulting in a shorter lateral section of 308 meters. Looking ahead, TAG Oil plans to drill horizontal wells with lateral lengths of up to 1,000 meters, accompanied by three times the fracture stimulation stages. This longer lateral approach lays the groundwork for scaling production growth. Success of the T100 well is an important step to unlock the potential of this significant resource play and planning is underway to develop the 500 million barrels of oil in place in the ARF."

A further well production update will be provided in due course and will also detail plans for tie-in and facilities configuration after stabilized production volumes have been established.

Conference Call

TAG Oil will be hosting a live conference call onFriday, May 17, 2024, at 7:00 AM PST / 10:00 AM EST to discuss this press release. Interested parties will be able to submit questions in advance and access the conference call via live teleconference in listen-only mode by dialling:

Canada/USA Toll Free: 1-844-763-8274; or
International Toll: +1-647-484-8814.