TAG Oil reports the filing of its financial results for the interim period ending June 30, 2023. 

Highlights over the period include that the Company had C$15.5 million (March 31, 2023: C$19.5 million) in cash and cash equivalents and C$17.9 million (March 31, 2023: C$21.6 million) in working capital and has no debt. TAG Oil recently announced the closing of its upsized $11.7 million bought-deal public offering and continues to manage its costs and allocate the necessary resources towards its operations and business development efforts in Egypt and the broader Middle East and North Africa region. 

Drilling operations at the Badr Oil Field (“BED-1”) in the Western Desert of Egypt of TAG Oil’s first horizontal well, BED4-T100 (“T100”), are progressing. The Company has set surface casing at ~1,250 meters and will be drilling out in the next 48 hours or so. The purpose of the T100 well is to target oil in the Abu-Roash “F” unconventional tight, carbonate reservoir in BED-1 at projected total vertical depth of 3,300 meters. The Company will provide detailed drilling and completion updates in due course and anticipates that the T100 well will be completed by calendar Q4 2023. 

KeyFacts Energy: TAG Oil Egypt country profile