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TAG OIL ANNOUNCES RESOURCES EVALUATION REPORT Abu Roash "F", Badr Oil Field, Western Desert, Egypt AND RESERVES EVALUATION REPORT Royalty Interest, New Zealand
TAG OIL ANNOUNCES RESOURCES EVALUATION REPORT Abu Roash "F", Badr Oil Field, Western Dese...
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[{"type":"text","content":"\n \n \n \n TAG OIL ANNOUNCES RESOURCES EVALUATION REPORT Abu Roash \"F\", Badr Oil Field, Western Desert, Egypt AND RESERVES EVALUATION REPORT Royalty Interest, New Zealand\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Nov. 22, 2022\n \n \n /CNW/ -\n \n TAG Oil Ltd.\n \n (TSXV: TAO) (OTCQX: TAOIF) (\"\n \n TAG Oil\n \n \" or the \"\n \n Company\n \n \") is pleased to announce the results of its independent resources evaluation of the Abu Roash \"F\" unconventional formation (\"ARF\") in the Badr Oil Field (\"BED-1\"), Western Desert,\n \n Egypt\n \n , dated\n \n November 21, 2022\n \n (the \"BED-1 Report\"), prepared by RPS Energy Canada Ltd. (\"RPS\") and its previously announced independent reserves report associated with its royalty interests within Petroleum Mining Permit (\"PMP\") 38156 (Cheal A/B), PMP 60291 (Cheal E) and PMP 53803 (Sidewinder) (collectively the \"Permits\"), onshore\n \n New Zealand\n \n , dated\n \n November 7, 2022\n \n (the \"Royalty Report\"), prepared by ERC Equipoise Ltd. (\"ERCE\").\n \n \n \n A) BED-1 REPORT HIGHLIGHTS\n \n \n \n \n RPS estimates the ARF oil-initially-in-place (\"OIIP\") P50 Volumes to be 531.5 million barrels over the BED-1 concession area and Mean Volumes to be 536.6 million barrels. The discovered OIIP in the ARF is imaged by 3D seismic coverage, significant well control with over 30 penetrations, petrophysical analysis of available log and core data and production tests from the ARF.\n \n \n \n \n TAG Oil's current Field Development Plan (\"FDP\"), consisting of drilling 20 horizontal wells to be completed with multi-stage fracture stimulation, is focused on the east central part of the BED-1 concession area, and contains OIIP P50 Volumes of 178.3 million barrels and Mean Volumes of 179.0 million barrels.\n \n \n \n \n FDP Capital investment discounted at 10% is\n \n US$104 million\n \n for the 2C Development Pending Contingent Resources in the ARF.\n \n \n \n \n FDP Operating investment discounted at 10% is\n \n US$160 million\n \n...