Tag Oil Ltd.

VANCOUVER, BC, April 30, 2025 /CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) (FSE: T0P) ("TAG Oil" or the "Company") is pleased to announce the following operations and financial update:

Production from the BED4-T100 ("T100") horizontal well and the BED 1-7 vertical well at the Badr Oil Field ("BED-1") located in the Western Desert of Egypt, averaged 102 barrels of oil per day ("bopd") from T100 and 85 bopd from BED 1-7 in the fourth quarter of 2024¹. Current production in the first quarter of 2025 averaged 130 bopd from both wells¹. Cumulative production to date from the two wells has exceeded 40,000 barrels¹.

Both the T100 and BED 1-7 wells have been equipped with sucker rod pumping systems for stable long-term production and were temporarily shut-in during the first quarter of 2025 for pressure build-up analysis. In addition, construction improvements were completed on the two well-site Early Production Facilities (EPF) for improved handling and treatment of the medium grade Abu Roash "F" crude oil to meet delivery specifications and safe handling requirements for crude trucking operations to a new delivery point in the Ras Gharib system.

TAG Oil is also pleased to report the filing of its financial results for the fiscal year ending December 31, 2024. A copy of TAG Oil's financial statements, and management discussion and analysis for its most recently completed financial year are available on SEDAR+ (www.sedarplus.ca) and on the Company's website (http://www.tagoil.com/).

On December 31, 2024, the Company had C$6.6 million in cash and cash equivalent and $5.0 million in working capital, compared to September 30, 2024, of $4.4 million in cash and cash equivalents and $2.3 million in working capital. The Company has no debt. 

Looking ahead, the recent sale of TAG Oil's New Zealand royalty interest added US$2.2 million (approximately C$3.0 million) of cash to the Company's balance sheet. The additional liquidity will be allocated to support the 2025 capital program including bringing on a joint venture partner to accelerate the BED-1 drilling campaign. While it is taking longer than expected to complete the new acquisition, progress is being made towards closing of this strategic asset acquisition in Egypt.

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.

Website: http://www.tagoil.com/

LinkedIn: https://www.linkedin.com/company/tag-oil-ltd

X: https://twitter.com/tagoilltd

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 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 acquisition 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. The Company shall not be liable or responsible for any claim or damage, direct or indirect, special or consequential, incurred by the user arising out of the interpretation, reliance upon or other use of the information contained in the pages of this release.

Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company's future success 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. 

Certain information in this presentation may constitute "analogous information" as defined in NI 51-101, including, but not limited to, information relating to the areas in geographical proximity to the lands held by TAG Oil. Such information is derived from a variety of publicly available information from government sources, regulatory agencies, public databases or other industry participants (as at the date stated therein) that TAG Oil believes are predominantly independent in nature. TAG Oil believes this information is relevant as it helps to define the reservoir characteristics in which TAG Oil may hold an interest. TAG Oil is unable to confirm that the analogous information was prepared by a qualified reserves evaluator or auditor or in accordance with the Canadian Oil and Gas Evaluator Handbook.

References to "oil" in this release include crude oil and field condensate.

SOURCE TAG Oil Ltd.

VANCOUVER, BC, April 22, 2025 /CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) and (FSE: T0P) ("TAG Oil" or the "Company") is pleased to announce that it has closed the sale of its 2.5% gross overriding royalty on production from PMP 38156 (Cheal and Cardiff), PMP 53803 (Sidewinder), PMP 60454 (Supplejack), PEP 51153 (Puka), and PMP 60291 (Cheal East) (the "Permits") to Kiwi Royalty Limited (the "Transaction"), which was previously announced on April 8, 2025. 

Under the terms of the definitive asset sale and purchase agreement dated April 7, 2025, the Company received a cash payment of US$2,200,000, which sum included a non-refundable deposit of US$50,000, and the Company may receive up to an additional US$300,000 in milestone payments on or before December 31, 2027, for total consideration of up to US$2,500,000 (the "Purchase Price"). The balance of the Purchase Price will be payable subject to and contingent upon the achievement of the milestones if:

a)  at any time from April 1, 2025, to December 31, 2026, cumulative production from the Permits exceeds 1,000,000 BOE, then the Company will receive an additional payment of US$150,000; and

b)  at any time from April 1, 2025, to December 31, 2027, cumulative production from the Permits exceeds 2,000,000 BOE (including the production referred to above), then the Company will receive an additional payment of US$150,000.

The Transaction is arm's length and there was no finder fee payable.

Abby Badwi, TAG Oil's Executive Chairman and CEO, commented, "We are pleased to announce that we have closed the sale of our non-core royalty assets in New Zealand and would like to thank our team and our shareholders for their support. This transaction allows us to reallocate resources to advance our core business operations and aligns with our commitment to sustainable growth and value creation in Egypt."

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.

For further information:

Abdel (Abby) Badwi, Executive Chairman and CEO 

Email: info@tagoil.com  

Website: http://www.tagoil.com/  

LinkedIn: https://www.linkedin.com/company/tag-oil-ltd

X: https://twitter.com/tagoilltd

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

This release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to the Company's corporate and operational progress on various initiatives.

Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG Oil. Such statements can generally, but not always, be identified by words such as "expects", "plans", "anticipates", "intends", "estimates", "forecasts", "schedules", "prepares", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. All statements that describe the Company's plans relating to the completion of the sale of the New Zealand royalties, achievement of milestones, and advancing core business operations are forward-looking statements under applicable securities laws. These statements address future events and conditions and are reliant on assumptions made by the Company's management, and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. As a result of these risks and uncertainties, and the assumptions underlying the forward-looking information, actual results could materially differ from those currently projected, 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 disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding TAG Oil's business contained in TAG Oil's reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on TAG Oil and the risks and challenges of its business, investors should review TAG Oil's filings that are available at www.sedarplus.ca.

TAG Oil provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Disclosure provided herein in respect of boe (barrels of oil equivalent) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

SOURCE TAG Oil Ltd.