Vancouver, British Columbia--(Newsfile Corp. - November 3, 2025) - TAG Oil Ltd. (TSXV: TAO) (OTCQB: TAOIF) (FSE: T0P) ("TAG Oil" or the "Company") is pleased to announce that it has reached an agreement with Badr Petroleum Company, holders of the BED-1 concession, to extend the evaluation period under the petroleum services agreement for three (3) years up to October 13, 2028. During the extension period, the Company commits to drill two (2) additional wells at BED-1 and subject to drilling results, TAG Oil may elect to proceed with full-scale commercial development of the Abu Roash "F" reservoir.
The Company also announces that it has entered into amendments to the employment agreement of its VP and Chief Operating Officer, Suneel Gupta. The amendments provide that Mr. Gupta will continue in his current role until December 31, 2025, subject to extension by mutual agreement.
Abby Badwi, TAG's Executive Chairman and CEO, commented, "We welcome the extension of the evaluation phase, allowing for additional drilling and comprehensive monitoring of multiple wells to better understand the potential of this strategic resource play. The recently announced Southeast Ras Qattara acquisition further strengthens our position and supports the continued expansion of land holdings and our operations in Egypt. We appreciate Mr. Gupta's continued involvement with the Company."
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.
For further information:
Abdel (Abby) Badwi, Executive Chairman and CEO
Email: info@tagoil.com
Website: http://www.tagoil.com/
LinkedIn: https://www.linkedin.com/company/tag-oil-ltd
X: https://twitter.com/tagoilltd
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 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. The Company shall not be liable or responsible for any claim or damage, direct or indirect, special or consequential, incurred by the user arising out of the interpretation, reliance upon or other use of the information contained in the pages of this release.
Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company's future success 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272923
SOURCE: TAG Oil Ltd.
