Disseminated on Behalf of: TAG Oil
Toby Pierce, CEO and Director of TAG Oil Ltd. (TSXV: TAO | OTCQX: TAOIF), discusses the company’s latest results from its first horizontal well at the Abu Roash “F” (ARF) formation in the Badr oil field (BED-1) and the company’s plans for the rest of 2024.
Jim Gordon
- Hi, I am Jim Gordon, and you’re watching “Mark One Minute.” Joining us is Toby Pierce. He is the CEO and Director of TAG Oil. Toby, welcome.
Toby Pierce
- Thanks, Jim, pleased to be here.
Jim Gordon
- Great to have you. Okay, talk about TAG Oil and the opportunity for investors.
Toby Pierce
- So TAG’s a MENA focused company. We’re listed on the TSX under the symbol TAO. We have operations in Egypt. We are flowing back oil as we speak. We have a 26,000 acre concession, that’s unconventional in nature. We focus on what’s called the Abu Roash F, which is very similar to the Eagle Ford in South Texas. And our initial results are extremely promising.
Jim Gordon
- Toby, you just completed your first horizontal well in BED-1, tell us about the results.
Toby Pierce
- We’re very excited about the results. The frack went off without a hitch. We have 800 to a 1000 barrels a day of fluid production out of the initial testing phase, we are bringing that on production longer term as we speak. We will be able to announce to the market a longer term flow test in fairly short order. And we are extremely excited about the parameters that we see and the potential of the rock, which we believe exceeds the Eagle Ford at this time.
Jim Gordon
- Are you anticipating any more wells this year?
Toby Pierce
- Yes, we plan to drill our second horizontal well, which we expect to start in August or September timeframe. The goal of this well will be to drill longer and to cut the costs. And what that will do, it’ll enhance the economics of the play and overall give better returns for shareholders.
Jim Gordon
- What contingent resource value has RPS given to TAG Oil for its 20 locations at the BED-1 field?
Toby Pierce
- Yeah, for the initial 20 locations, RPS gave us $420 million US in resource value. We expect that will change over time as we continue to drill up our acreage position. And of course, that’s just focused on the east central area. We have the central area, the eastern area, we see many, many more locations beyond that and the room to expand that resource as we go forward.
Jim Gordon
- Finally, Toby, what additional opportunities is TAG Oil considering beyond its existing assets in Egypt?
Toby Pierce
- We’re very much focused on Egypt. We’re very much focused on the Abu Roash F, and we’re looking for other acquisitions that we can do surrounding our acreage. We’re extremely excited about the results so far in the BED-1 field, but if we could build our resource position, build a bigger acreage package, we’ll be very excited about that. We are looking in the MENA region in general, but very focused on one or two countries.
Jim Gordon
- Toby, thanks for joining us.
Toby Pierce
- Thanks very much, Jim.
ABOUT TAG OIL LTD.:
TAG Oil (TSXV: TAO | OTCQX: TAOIF) is a Canadian-based international oil and gas exploration company with a focus on opportunities in the Middle East and North Africa. Learn more about them on their website here.