VANCOUVER, BC, Sept. 27,
2023 /CNW/ - TAG Oil Ltd. (TSXV: TAO)
(OTCQX: TAOIF) ("TAG Oil" or the "Company") is
pleased to announce that it has commenced drilling the horizontal
portion of the BED4-T100 ("T100") well in the Badr Oil Field
("BED-1") in the Western Desert of Egypt. TAG Oil successfully drilled the
vertical pilot hole to a depth of 3,290 meters. The Company
recently performed open-hole logging, formation imaging, and
pressure measurement, followed by cement plug-back of the lower
vertical pilot hole. TAG Oil immediately proceeded into whip-stock
drilling of build and lateral horizontal sections in the Abu Roash
"F" ("ARF") reservoir.
The open hole logs showed very similar results to those
completed over nearby offset wellbores in BED-1. The ARF section
was approximately 50 meters in thickness and was very close to the
structural elevation anticipated. The horizontal portion of the
T100 well will target oil in the ARF unconventional tight,
carbonate reservoir. The lateral section of the horizontal well is
expected to take approximately three weeks to drill and extend over
1,000 meters. TAG Oil will then move to complete the T100 well and
remains on track to be completed and begin flow back testing during
November 2023. TAG Oil will provide
detailed drilling and completion updates in due course.
Information obtained during the drilling of the T100 well,
including mud logging and drill cuttings to assess the reservoir
quality across the lateral section, will be used in conjunction
with the work completed on the geo-mechanical properties and 3D
seismic interpretation in the area to design the well completion
and fracture stimulation program. Performance from the T100 well
will be used for planning and executing future drilling plans that
the Company expects to initiate by calendar Q1 2024.
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
Statements contained in this news 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
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.
Exploration for hydrocarbons is a speculative venture
necessarily involving substantial risk. The Company's future
success in 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.
References to "oil" in this press release include crude oil
and field condensate.
View original
content:https://www.prnewswire.com/news-releases/tag-oil-commences-drilling-the-horizontal-leg-of-its-bed4-t100-well-after-successfully-logging-the-vertical-pilot-hole-301940415.html
SOURCE TAG Oil Ltd.