TAG Oil Provides BED 1-7 Operations Update in Egypt

Source: www.gulfoilandgas.com 1/26/2023, Location: Africa

TAG Oil Ltd. (TAO) (TAOIF) ("TAG Oil") is pleased to announce that the Company has commenced the re-completion and evaluation operations of the BED 1-7 vertical well. These initial operations are part of TAG Oil's Phase 1 development program of the unconventional Abu Roash "F" ("ARF") reservoir in the Badr Oil Field ("BED-1") located in the Western Desert, Egypt.

More specifically, the Company identified a suitable candidate well (BED 1-7) for re-completion that historically produced approximately 20,000 barrels from the ARF reservoir at an initial production rate of 418 barrels of oil per day. The well declined quickly without any significant stimulation or liquid lifting from the tight carbonate reservoir and was suspended after the first year of production.

Current operations on BED 1-7 include conditioning the open-hole section of the well with a cemented production liner, re-completing the ARF and conducting a Diagnostic Fracture Injection Test (DFIT) to provide information on the geo-mechanical properties and imaging the natural fracture network in the ARF reservoir. Once this initial stage had been completed, the Company will implement hydraulic fracture stimulation to improve permeability and productivity, followed by well flow-back and a production cycle to assess the potential of oil recovery from the ARF in BED-1.

The Company anticipates providing well results in March 2023 that will improve the reservoir simulation forecasts for the first horizontal well expected to progress in the second quarter, pending drilling rig availability.

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