Tag Oil has stated that it has made significant progress at the BED4-T100 (T100) horizontal well, targeting the unconventional Abu Roash “F” (ARF) reservoir in the Badr Oil Field (BED-1), Western Desert, Egypt. Following flow back operations in April, the T100 well was cleaned out with coiled-tubing and a jet pumping artificial lift system was installed to establish stable flow from the well.

According to the company the Intermittent oil production has continued to produce oil and unload fracture fluid and is being shipped to nearby processing facilities. Construction of an oil delivery station at the General Petroleum Corporation Abu Sennan receiving facility is ongoing and should be completed in due course. Gross field production from when the jet pump was installed on June 21, 2024, through to the end of July 2024 (online for ~25 days over this period) averaged 373 b/d of fluid (~256 b/d of oil).

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Total oil produced from the T100 well to date is over 12,000 barrels. Planning of TAG Oil’s next horizontal well is in progress and will incorporate learnings and information that were obtained in drilling, completing, and producing the T100 well. Plans are also being developed to resume production from the BED 1-7 vertical well.

As the Company continues to manage its costs and allocate the necessary resources toward the development of the ARF reservoir in BED-1, progress is also being made on potential strategic partnerships and acquisition opportunities in Egypt. These efforts aim to drive growth in multiple zones, including the ARF reservoir, to expand TAG Oil’s footprint in the Western Desert.

Additionally, the Company is exploring other potential strategic acquisition opportunities in the broader Middle East and North Africa region, targeting both conventional and unconventional oil and gas potential.