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TAG Oil accelerates the development of its oil field in Egypt

TAG Oil announces progress at its BED-1 site in Egypt, with stable production, new drilling planned for 2025, and a partnership strategy to optimize operations.

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TAG Oil Ltd., a Canadian company specializing in oil exploration and production, has shared a significant update regarding its operations at the BED-1 oil field located in Egypt’s Western Desert. This initiative marks a key step in the development of the Abu Roash “F” (ARF) unconventional carbonate reservoir.

The horizontal well BED4-T100 (“T100”) continues to produce an average of 100 barrels of oil per day (BOPD) through a rod pumping system. In less than 90 days, cumulative production has exceeded 20,000 barrels. Simultaneously, TAG Oil resumed production from the vertical well BED 1-7 in December, achieving approximately 40 BOPD through natural flow. The installation of a rod pump and surface facilities is expected to further optimize production in the coming weeks, with cumulative volumes already reaching 10,000 barrels.

Logistics optimization and cost reduction

To improve netback margins per barrel, TAG Oil has initiated efforts to optimize the treatment of medium-grade crude oil and ensure regular deliveries. These adjustments, combined with cost reductions, will enhance profitability at the T100 and BED 1-7 wells.

Development projects for 2025

In 2025, TAG Oil plans to drill a vertical well in the second quarter in a highly fractured area of the ARF formation. The goal is to exploit potentially significant initial oil volumes. Concurrently, a second horizontal well is scheduled for the fourth quarter of 2025, further consolidating the site’s development activities.

Financial strategies and partnerships

The company has signed engagement agreements with strategic partners, including PillarFour Capital and LAB Energy Advisors, to diversify its funding and accelerate asset development. One key initiative includes the sale of royalty interests in New Zealand, intended to strengthen the company’s financial position.

TAG Oil is also pursuing the acquisition of a new concession covering 2,000 square kilometers in Egypt’s Western Desert. Additional announcements will be made upon receiving official approval.

TAG Oil’s Executive Chairman and CEO, Abby Badwi, stated: “The combination of recent financings, operational improvements, and strategic partnerships will multiply activities and accelerate the development of our assets in Egypt.”

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