VANCOUVER, BC, Nov. 29,
2022 /CNW/ - TAG Oil Ltd. (TSXV:
TAO) (OTCQX: TAOIF) ("TAG Oil" or the
"Company") is pleased to report the filing of its
financial results for the interim period ending September 30, 2022. A copy of TAG Oil's financial
statements and management discussion and analysis for the interim
period ending September 30, 2022 are
available on SEDAR and on the Company's website.
Highlights over the period include that the Company had
C$9.2 million (June 30, 2022: C$13.1
million) in cash and cash equivalents and C$11.5 million (June 30,
2022: C$15.4 million) in
working capital and has no debt. During the quarter ended
September 30, 2022, TAG Oil paid a
signature bonus of US$3 million
(C$4.0 million) to Badr Petroleum
Company ("BPCO") as a condition to entering into the petroleum
services agreement (the "PSA") for the development of the
unconventional Abu Roash "F" ("ARF")
reservoir in the Badr Oil Field ("BED-1"), Western Desert,
Egypt.
As previously announced, subsequent to the quarter ended
September 30, 2022 TAG Oil completed
an upsized underwritten public offering for aggregate gross
proceeds of C$25.3 million, including
the full exercise of the over-allotment option.
The Company continues to manage its costs and allocate the
necessary resources towards its Egypt operations under the PSA in the ARF
reservoir in BED-1, and business development efforts in other areas
in the Middle East and
North Africa region.
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.
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
Certain of the statements made and information contained
herein is considered "forward-looking information" within the
meaning of applicable Canadian securities laws, including
statements with regard to the Company's operations and potential
strategic opportunities. 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 differ from those currently
projected. The Company does not assume the obligation to update any
forward-looking statement, except as required by applicable
law.
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SOURCE TAG Oil Ltd.