TAG Oil has secured a drilling rig for the upcoming T-200 well at the Badr Oil Field (“BED-1”) located in the Western Desert of Egypt. The Company anticipates starting drilling operations by the end of June 2026, subject to receipt of all required regulatory approvals.

The T-200 vertical well is planned to test the Abu Roash “F” formation in BED-1, a naturally fractured reservoir in the area where adjacent wells have encountered lighter gravity oil. The well is projected to reach a total depth of 4,250 meters and is anticipated to require approximately 60 days to drill and complete.

The Company has also been advised by the Egyptian National Petroleum for Exploration and Development Company (ENPEDCO) that additional exploration blocks have been included into the Southeast Ras Qattara Concession (“SERQ”), together with amendments to certain economic terms of the current concession agreement. As a result, the preliminary approval of TAG Oil’s award has been withdrawn and will be resubmitted following enactment of the new law amending the current concession agreement terms.

TAG Oil’s Executive Chairman and CEO, Abby Badwi, commented,
“We are pleased to have secured a rig for the T-200 well at BED-1 and look forward to spudding by the end of June. While the revised process for SERQ impacts timing to start operations, we remain committed to progressing the project and will provide further updates when available.”

KeyFacts Energy: TAG Oil Egypt country profile