/NOT FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, BC , Oct. 13,
2022 /CNW/ - TAG Oil Ltd. ("TAG Oil" or the
"Company") (TSXV: TAO) (OTCQX: TAOIF) is pleased to
announce that it has now formally entered into the previously
announced petroleum services agreement (the "PSA") with Badr
Petroleum Company ("BPCO") to commence development
operations at the unconventional Abu Roash "F" reservoir in the
Badr Oil Field ("BED-1"), a 107 km2 (26,000
acres) concession located in the Western Desert of Egypt.
The official PSA signing took place at the Egyptian General
Petroleum Corporation ("EGPC") offices in Cairo, Egypt, between Eng. Ibrahim Massoud, Chairman of BPCO, and
Abby Badwi, Executive Chairman of
TAG Oil, and present for the signing was Eng. Mohamed Baydoon, Vice
President Production of EGPC.
Abdel Fattah ("Abby") Badwi,
Executive Chairman of TAG Oil said, "With the recently
announced upsized C$22 million
underwritten public offering and current working capital, the
Company is well positioned to initiate development operations at
the BED-1 Field and execute a significant capital program starting
this year and continuing into 2023 to unlock the potential of this
significant oil resource."
Further details of the project are included in a presentation
available 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
opportunities in the Middle East
and North Africa.
Website: http://www.tagoil.com/
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 and Disclaimer
This news release includes certain statements and information
that constitute forward-looking information within the meaning of
applicable Canadian securities laws. All statements in this news
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 future operations
of the Company, the Company's capital programs and the significance
and potential of the BED-1.
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 operations and potential strategic
opportunities 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.sedar.com.
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.
Exploration for hydrocarbons is a speculative venture
necessarily involving substantial risk. The Company's future
success in exploiting and increasing its current reserve 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.
SOURCE TAG Oil Ltd.