TAG Oil Provides Flow Test and Production Update for BED4-T100 Horizontal Well
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VANCOUVER, BC, July 8, 2024 /CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) (FSE: T0P) ("TAG Oil" or the "Company") announced today that it is continuing to produce oil and unload fracture fluid from the BED4-T100 ("T100") horizontal well in the Badr-1 Oil Field in the Western Desert of Egypt, and has commenced shipping the crude oil for further treating and handling.
The current T100 oil production is 400 barrels of oil per day, and associated gas-oil ratio is 150 standard cubic feet per barrel. Production rates represent approximately 130 barrels of oil per day per 100 meters of lateral horizontal length completed in the Abu-Roash "F" ("ARF") unconventional tight, carbonate reservoir, which is better than analogous reservoirs, and aligned with performance simulation forecasts (see the Company's July 2024 Corporate Presentation at https://www.tagoil.com/).
The newly installed jet pump system is designed to lift 600 barrels of fluid per day at peak efficiency and current fluid rates have fluctuated between 400 and 500 barrels per day. The Company continues to optimize productivity of the T100 well by gradually increasing pump speed and reducing in-take pressure to reach the best stabilized production rate. The Company has now sent crude oil shipments to two third-party receiving terminals in the Western Desert and are engaging in agreements and implementing infrastructure for regular shipments of ARF crude oil in the third quarter. Total oil produced from T100 to date is in excess of 10,000 barrels.
Mr. Toby Pierce, TAG Oil's Chief Executive Officer, stated "We are excited to be trucking oil to two nearby terminals for further treating and handling. With the encouraging results of this discovery well, we are eager to start drilling our next ARF well with a full 1,000-meter lateral section. We are also progressing various business development efforts to increase our footprint on this play in Egypt, and we have other ongoing initiatives in the broader Middle East region."
About TAG Oil Ltd.
TAG Oil (https://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.
Website: https://www.tagoil.com/
LinkedIn: https://www.linkedin.com/company/tag-oil-ltd
X: https://twitter.com/tagoilltd
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