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TAG Oil Reports Fiscal Q3 2023 Results and Provides Badr Oil Field Operations Update
TAG Oil Reports Fiscal Q3 2023 Results and Provides Badr Oil Field Operations Update Ca...
About this update from Tag Oil Ltd
[{"type":"text","content":"\n \n \n \n TAG Oil Reports Fiscal Q3 2023 Results and Provides Badr Oil Field Operations Update\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 Feb. 28, 2023\n \n \n /CNW/ -\n \n TAG Oil Ltd.\n \n (TSXV:\n \n TAO\n \n ) (OTCQX:\n \n TAOIF\n \n ) (\"\n \n TAG Oil\n \n \" or the \"\n \n Company\n \n \")  is pleased to report the filing of its financial results for the interim period ending\n \n December 31, 2022\n \n . A copy of TAG Oil's financial statements and management discussion and analysis for the interim period ending\n \n December 31, 2022\n \n are available on\n \n SEDAR\n \n and on the Company's\n \n website\n \n .\n \n \n Highlights over the period include that the Company had\n \n C$21.4 million\n \n (\n \n September 30, 2022\n \n :\n \n C$9.2 million\n \n ) in cash and cash equivalents and\n \n C$24.0 million\n \n (\n \n September 30, 2022\n \n :\n \n C$11.5 million\n \n ) in working capital and has no debt. During the quarter ended\n \n December 31, 2022\n \n , as previously\n \n announced\n \n , TAG Oil completed an upsized underwritten public offering for aggregate gross proceeds of\n \n C$25.3 million\n \n , including the full exercise of the over-allotment option.\n \n \n Operationally, the Company has commenced re-completion activities on existing vertical well BED 1-7 in the Badr Oil Field in the Western Desert,\n \n Egypt\n \n . The objective is to test injection and leak-off properties of the Abu Roash \"F\" (\"ARF\") reservoir formation during a Diagnostic Fracture Injection Test (\"DFIT\") followed by assessing production performance after stimulating the well and installing lift equipment to unload the well. Specific operations on the well includes retrieval of existing tubing and packer assembly, isolation of existing up-hole Abu Roash perforations above the ARF, conditioning the open-hole bottom section of the well and completing the ARF zone followed by DFIT analysis and fracture stimulation. Retrieval of the down-hole assembly and cementi...