/NOT FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC, Aug. 22,
2023 /CNW/ - TAG Oil Ltd. (TSXV: TAO)
and (OTCQX: TAOIF) ("TAG Oil" or the
"Company") is pleased to announce that the first horizontal
well, BED4-T100 ("T100") in the Badr Oil Field ("BED-1") in the
Western Desert of Egypt, has
commenced drilling and is currently through a depth of 600 meters.
The well will target oil in the Abu-Roash "F" ("ARF")
unconventional tight, carbonate reservoir at projected depth total
vertical depth of 3,300 meters. The decision to spud the T100 well
is the result of careful planning and comprehensive geological and
geophysical studies conducted by TAG Oil's experienced
unconventional development team. The Company anticipates that the
T100 well will be completed by calendar Q4 2023, and detailed
drilling and completion updates will be provided in due course.
Commencing the T100 drilling program marks a significant
milestone in the Company's operations and ongoing commitment to
unlocking the ARF reservoir's potential in BED-1. The T100 well
design includes a vertical pilot assessment well for potential
coring, open-hole logging, formation imaging, pressure measurement
and fluid sampling, followed by cement plug-back of lower vertical
pilot hole and whip-stock drilling of build and lateral horizontal
sections in the ARF reservoir. Information obtained during the
drilling of the T100 well, including mud logging and drill cuttings
to assess the reservoir quality across the lateral section, will be
used in conjunction with the work completed on the geo-mechanical
properties and 3D seismic interpretation in the area to design the
well completion and fracture stimulation program. Performance from
the T100 well will be used for planning and executing future
drilling plans that the Company expects to initiate by calendar Q1
2024.
The Company also reports that it anticipates filing its fiscal
Q1 2024 financial results by August 29,
2023. A copy of TAG Oil's financial statements, and
management discussion and analysis for its fiscal Q1 2024 period
will be available on SEDAR+ (www.sedarplus.ca), and on the
Company's website.
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.
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 news 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
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.
Exploration for hydrocarbons is a speculative venture
necessarily involving substantial risk. The Company's future
success in 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.
This press release includes cumulative production rates for a
certain well over short period of time. Short term production rates
are preliminary, subject to a high degree of predictive
uncertainty, and not determinative of the rates at which those or
other wells will continue to produce and thereafter decline. Short
term test rates are not necessarily indicative of long-term well or
reservoir performance or of ultimate recovery. Production over a
longer period will experience natural declines, which can be high
and may not be consistent over a longer period. Actual results will
differ from those realized during an initial production period and
the differences may be material.
References to "oil" in this press release include crude oil
and field condensate.
SOURCE TAG Oil Ltd.