TAG Oil Extends the Evaluation Period for BED-1 and Provides Corporate Update

Executive Summary

• TAG Oil entered into a three‑year extension (to Oct 13 2028) of its petroleum services agreement with Badr Petroleum for the BED‑1 concession.
• The extension obligates TAG to drill two additional wells at BED‑1, after which it may elect full‑scale commercial development of the Abu Roash “F” reservoir.
• An amendment to the employment agreement of VP & COO Suneel Gupta was announced, extending his tenure through Dec 31 2025 (subject to further mutual extension).

Key Details

• Extension Agreement: Evaluation period for BED‑1 extended by three years, now ending on 13 Oct 2028.
• Drilling Commitment: TAG will drill two (2) additional wells at the BED‑1 concession during the extension period.
• Commercial Development Option: Subject to drilling results, TAG may proceed with full‑scale development of the Abu Roash “F” reservoir.
• Employment Amendment: VP & COO Suneel Gupta’s employment agreement amended to continue in his current role until 31 Dec 2025, with possible further extension by mutual agreement.
• Strategic Context: CEO Abby Badwi noted that the extension supports additional drilling and monitoring, enhancing understanding of the resource play, and referenced a recent Southeast Ras Qattara acquisition that expands TAG’s land holdings in Egypt.

Notable Quotes

“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.” – Abby Badwi, Executive Chairman & CEO, TAG Oil Ltd.