TAG Oil (TSXV:TAO, OTCQB:TAOIF, FSE:T0P) has reached an agreement with Egypt’s Badr Petroleum Company to extend the evaluation period for the BED-1 concession by three years, the company said in a statement on November 3. The extension runs to October 13, 2028.
TAG Oil is a Canadian-based oil and gas company focused on exploration and development opportunities in the Middle East and North Africa. The company has been active in Egypt since acquiring interests in unconventional reservoirs.
Under the revised petroleum services agreement, TAG Oil has committed to drill two additional wells at BED-1 during the extension period. If results support commercial viability, the company may proceed to full development of the Abu Roash “F” reservoir, a key unconventional target in Egypt’s Western Desert.
The extension allows further technical assessment of the reservoir and sustained production testing across multiple wells. BED-1 forms part of a broader effort by TAG Oil to expand its presence in Egypt’s onshore basins through staged capital deployment.
TAG Oil also announced amendments to the employment agreement of Suneel Gupta, its Vice President and Chief Operating Officer. Gupta will continue in his role until at least December 31, 2025, with the option to extend by mutual agreement.
Executive Chairman and CEO Abby Badwi said the extension supports continued reservoir monitoring and aligns with the company’s recent Southeast Ras Qattara acquisition, which expanded TAG’s Western Desert acreage position.
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