Annuncio • Jun 16
TAG Oil Provides Update On Drilling Operations At BED-1 Concession Egypt TAG Oil Ltd. provided an update on drilling operations at the Badr Oil Field (BED-1) in the Western Desert of Egypt. For the upcoming T-200 vertical well, the NDC-9 drilling rig is expected to be mobilized to the BED-1 location this month. Surface site preparation is underway, and other regulatory requirements have been secured. Drilling operations are anticipated to start by mid-July. Designed as a vertical well with a planned total depth of approximately 4,250 metres, T-200 will target the Abu Roash "F" formation, a naturally fractured reservoir in this area where nearby wells have encountered lighter gravity oil. Drilling and completion activities are expected to take approximately 60 days. Reported Earnings • May 31
First quarter 2026 earnings released First quarter 2026 results: Net loss: CA$1.01m (loss narrowed 56% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 58% per year, which means it is significantly lagging earnings. Board Change • May 20
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Executive Chairman & CEO Abby Badwi was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • Feb 19
TAG Oil Ltd. announced that it has received CAD 10.86 million in funding On February 18, 2026, TAG Oil Ltd. closed the transaction. The company issued 50,000,000 units at an issue price of CAD 0.10 for gross proceeds of CAD 5,000,000 under LIFE offering and issued 58,600,000 units at an issue price of CAD 0.10 for gross proceeds of CAD 5,860,000 under concurrent private placement for aggregate proceeds of CAD 10,860,000. The company received aggregate gross proceeds of CAD 11,500,000, including the full exercise of the over-allotment option. Each warrant entitle the holder thereof to purchase one common share at an exercise price of CAD 0.13 per common share until February 18, 2030. The units issued pursuant to the LIFE offering are not subject to a statutory hold period. The units issued pursuant to the concurrent private placement are subject to a hold period in Canada expiring on June 19, 2026. Certain insiders of the company have acquired an aggregate of 4,500,000 units of the company. Annuncio • Feb 03
TAG Oil Ltd. announced that it expects to receive CAD 5 million in funding TAG Oil Ltd. has entered into an agreement with Research Capital Corp. as the lead agent and sole bookrunner with on behalf of a syndicate of agents, in connection with a brokered, best effort listed issuer financing exemption private placement offering of units of the company at a price of 10 cents per unit for aggregate gross proceeds to the company of up to CAD 5-million. Each unit will consist of one common share of the company and one common share purchase warrant. Each warrant shall entitle the holder thereof to purchase one common share at an exercise price of 13 cents per common share for a period of 48 months following the closing of the offering. The company will grant the agents an option to increase the size by up to an additional 15 per cent of the number of units sold in the offering, by giving written notice of the exercise of the agent option, or a part thereof, to the company at any time up to two business days prior to closing of the offering. Th offering is expected to occur on or about the week of February 16, 2026, or on such date as the agents and company may agree upon. The agents will receive a cash commission of 8.0 per cent of the aggregate gross proceeds of the offering and such number of broker warrants as is equal to 8.0 per cent of the number of units sold under the offering. Each broker warrant entitles the holder to purchase one unit at an exercise price equal to the issue price for a period of 48 months following the closing. Board Change • Dec 30
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 1 highly experienced director. Executive Chairman & CEO Abby Badwi was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • Oct 10
TAG Oil Ltd., Annual General Meeting, Dec 04, 2025 TAG Oil Ltd., Annual General Meeting, Dec 04, 2025. Location: british columbia, vancouver Canada Annuncio • Jan 07
TAG Oil Ltd. Announces Resignation of Toby Pierce as Director TAG Oil Ltd. announced that Mr. Toby Pierce has resigned as a director of the company, effective January 6, 2025, and Mr. Pierce will also resign as a director of its subsidiaries in a timely manner, to focus on his other professional commitments. Mr. Pierce has been a director of the Company since June 1, 2015. Annuncio • Dec 19
Tag Oil Ltd. Announces Operations Update and Development Plans At Bed-1 Concession in Egypt TAG Oil Ltd. announced the following operations update and upcoming development of the Abu Roash "F" ("ARF") unconventional carbonate reservoir at the Badr Oil Field ("BED-1") concession in the Western Desert of Egypt and various corporate initiatives. The BED4-T100 ("T100") horizontal well continues to produce at an average rate of 100 barrels of oil per day ("BOPD"). The well has been steady, producing for close to 90 days under a rod pumping system. Currently, a rod pump and associated surface facilities are being installed to optimize the oil rate and it is projected the well will be back on production later this month. Cumulative gross production from the well to date is approximately 10,000 bbls of oil. Improved field treating of the medium grade crude oil and regular deliveries have commenced as sales and transportation logistics continue to be optimized. Other operating costs are being reviewed and reduced to improve per barrel netback margins on both the T100 and BED 1-7 oil production. For the 2025 development plans at the BED-1 concession, the Company intends to drill a vertical well in Second Quarter-2025 to further develop the ARF formation in a high intensity natural fractured area that can potentially produce at good initial oil volumes. Planning of a second horizontal well is tentatively scheduled for drilling in Fourth Quarter-2025. TAG Oil has signed an Engagement Agreement with PillarFour Capital of London to sell the New Zealand royalty interests. Proceeds from the sale will be used to strengthen the Company's balance sheet. The Company also signed an Engagement Agreement with LAB Energy Advisors of London to offer participation in the BED-1 concession by strategic international industry partners to accelerate the development of the ARF formation. Annuncio • Oct 24
TAG Oil Ltd. has completed a Composite Units Offering in the amount of CAD 10 million. TAG Oil Ltd. has completed a Composite Units Offering in the amount of CAD 10 million.
Security Name: Units
Security Type: Equity/Derivative Unit
Securities Offered: 58,823,529
Price\Range: CAD 0.17
Discount Per Security: CAD 0.0102 Annuncio • Oct 18
TAG Oil Ltd. Provides Updates on Current Operations TAG Oil Ltd. provided the following update. CURRENT OPERATIONS - Badr Oil Field (BED-1 Concession): Production from the BED4-T100 (T100) horizontal well is averaging 200 barrels of fluid per day and 35% water. Operation of the T100 well has been intermittent for the last two months as the reservoir extent was assessed through pressure build-up analysis and the lift system optimized. The T100 well initially produced under natural flow and subsequently with a jet pump to recover the large volumes of fracture fluid containing sand. The T100 well is now equipped with a sucker rod pump for long term stable production. Cumulative oil production of the T100 well to date is in excess of 15,000 barrels and shipments have commenced to third party facilities. Further evaluation by the company is also underway of fluid samples, drill cuttings, and tracers as they flow back, to inform performance of stimulated sections along the horizontal lateral and further optimization potential on the T100 well. With the successful proof of concept of producing commercial oil volumes from the unconventional Abu Roash F reservoir (ARF) in the BED-1 Concession, current development plans include returning the previously completed and produced BED1-7 vertical well to production following an extended pressure build-up analysis. The well will be set up with a sucker rod pumping system, similar to the T100 well, during the fourth quarter. In addition, several new drilling locations have been identified for an additional one or two vertical wells in first quarter 2025 targeting high intensity natural fractured areas that can potentially produce at good initial oil volumes. Planning of a second horizontal well is also underway and is planned for drilling in second quarter 2025. New Risk • Oct 17
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$28m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$28m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m (CA$474k revenue, or US$344k). Minor Risk Market cap is less than US$100m (€33.4m market cap, or US$36.3m). Annuncio • Oct 07
TAG Oil Ltd., Annual General Meeting, Dec 05, 2024 TAG Oil Ltd., Annual General Meeting, Dec 05, 2024. Location: british columbia, vancouver Canada New Risk • Sep 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m (CA$474k revenue, or US$352k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-CA$28m). Market cap is less than US$100m (€33.8m market cap, or US$37.8m). Annuncio • Jul 08
TAG Oil Provides Flow Test and Production Update for BED4-T100 Horizontal Well TAG Oil Ltd. announced that it is continuing to produce oil and unload fracture fluid from the BED4-T100 ("T100") horizontal well in the Badr-1 Oil Field in the Western Desert of Egypt, and has commenced shipping the crude oil for further treating and handling. The current T100 oil production is 400 barrels of oil per day, and associated gas-oil ratio is 150 standard cubic feet per barrel. Production rates represent approximately 130 barrels of oil per day per 100 meters of lateral horizontal length completed in the Abu-Roash "F" (ARF) unconventional tight, carbonate reservoir, which is better than analogous reservoirs, and aligned with performance simulation forecasts. The newly installed jet pump system is designed to lift 600 barrels of fluid per day at peak efficiency and current fluid rates have fluctuated between 400 and 500 barrels per day. The Company continues to optimize productivity of the T100 well by gradually increasing pump speed and reducing in-take pressure to reach the best stabilized production rate. The Company has now sent crude oil shipments to two third-party receiving terminals in the Western Desert and are engaging in agreements and implementing infrastructure for regular shipments of ARF crude oil in the third quarter. Total oil produced from T100 to date is in excess of 10,000 barrels. New Risk • Jun 05
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -CA$27m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Revenue is less than US$1m (CA$781k revenue, or US$571k). Minor Risks Less than 1 year of cash runway based on current free cash flow (-CA$27m). Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (€48.6m market cap, or US$52.8m). Annuncio • May 29
TAG Oil Ltd. Announces Operation to Commence Long Term Production at BED4-T100 Horizontal Well TAG Oil Ltd. announced that the initial flow-back operation at the BED4-T100 (T100) horizontal well has been completed. The workover rig has been mobilized to the T100 well location to swap the 4 ½" frac tubing with 3 ½" production tubing, install a jet pump for artificial lift, and immediately put the well on long term production. The Company anticipates announcing a 10-day initial production average in the second half of June, which will indicate actual productivity potential for the T100 well. Annuncio • May 18
TAG Oil Ltd. Announces Successful Production Test Results from BED4-T100 Horizontal Well TAG Oil Ltd. announced initial production test results on its BED4-T100 ("T100") horizontal well, which tested at 800 barrels of oil per day ("BOPD"). The T100 well has demonstrated encouraging results following a multi-stage hydraulic fracture stimulation targeting the Abu-Roash "F" ("ARF") tight carbonate reservoir in the Badr Oil Field ("BED-1") in the Western Desert of Egypt. Top of FormDuring the clean-up phase post-stimulation, the T100 well flowed at rates exceeding 1,000 barrels of fluid per day. By the conclusion of the production test, the water-cut had decreased to below 30%, indicating favorable reservoir characteristics and effective well stimulation techniques. During flowback, the oil production rates ranged between 400 and 800 BOPD as the well unloaded. The well will continue to be unloaded under natural flow for another two to three weeks until an artificial lift system and surface facilities are installed. The well has recovered approximately 23% of the frac load water and has produced over 4,500 barrels of oil to date. A further well production update will be provided in due course and will also detail plans for tie-in and facilities configuration after stabilized production volumes have been established. New Risk • May 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$23m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$23m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Revenue is less than US$1m (CA$781k revenue, or US$569k). Minor Risks Shareholders have been diluted in the past year (19% increase in shares outstanding). Market cap is less than US$100m (€69.3m market cap, or US$74.2m). Annuncio • Apr 26
TAG Oil Commences Flow Back of BED4-T100 Horizontal Well TAG Oil Ltd. announced that it has successfully pumped all twelve planned stages of its multistage hydroraulic frac on its BED4-T100 well location. Stages one through three, which are located across the heavily fractured and more permeable section of the well, received a concentrated acid stimulation while stages four through twelve were mechanically fracture stimulated with proppant. At least 50 tonnes of sand were used per stage in the mechanically propped fracture stages with over 1,000,000 pounds successfully pumped across the 308-metre lateral section. The fracture equipment has been moved off location, and a coiled tubing unit is in the process of drilling out the ball seats used to separate the fracture stages that will be followed with the flow back operations in the next several days. TAG Oil's technical team is assuming approximately 7-10 days of flow back before it expects to see consistent clean oil flows. Stabilized flow rates are expected approximately 10 days after consistent oil rates are achieved. Accordingly, the Company expects to be able to release flow rates on the T100 well at some point during the month of May. A further update will be provided in due course on the well tie-in and facilities configuration after production volumes have been established. Annuncio • Apr 11
TAG Oil Ltd. Commences Hydraulic Fracture Stimulation of BED4-T100 Horizontal Well TAG Oil Ltd. announce that completion and multistage hydraulic fracture equipment, personnel, camp and natural frac sand have been mobilized to the BED4-T100 ("T100") well location. Additionally, static reservoir pressure and temperature measurements were performed to optimize the simulation model and completion design of the T100 well. Large-scale completion equipment for the region with frac head, sand conveyor and connecting lines to treatment fluid are rigged up on the T100 location. Plans to start the fracture treatment is on schedule for approximately April 15, with treatment duration projected at one week. Flow back production operation will follow immediately before the end of April. The Company anticipates that initial production results will be announced in May. Annuncio • Feb 21
Tag Oil Ltd. Provides Update on BED4-T100 Well TAG Oil Ltd. provided the following update on drilling progress of the BED4-T100 horizontal well in the Badr Oil Field in the Western Desert of Egypt. Following the Company's last update on January 3, 2024, the Company has since completed re-drilling from the intermediate cased section of the T100 well in BED-1, landing the casing liner in the Abu Roash carbonate reservoir zone, and reaching a measured depth of 3,238 meters in the ARF. TAG Oil has now commenced drilling the T100 horizontal pay zone section, which is expected to take up to approximately three weeks to complete the drilling of the planned 1,000-meter horizontal section and run the completion technology. The drilling rig will then be moved off the wellsite and TAG Oil will immediately proceed with the hydraulic fracture stimulation of the ARF. TAG Oil will continue to provide detailed drilling and completion updates, as necessary. Annuncio • Nov 17
Tag Oil Ltd. Provides Update on Bed4-T100 Well Drilling Operations TAG Oil Ltd. provided the following update on drilling progress of the BED4-T100 horizontal well in the Badr Oil Field in the Western Desert of Egypt. The horizontal build section of the T100 well and approximately 300 meters into the planned 1,000-meter lateral section in the Abu Roash "F" target reservoir encountered very good oil shows with high hydrocarbon gas readings and good indications of primary porosity. Initial drilling of the ARF unconventional, carbonate formation performed well at smooth build angles and steadily increasing drilling rates. However, drilling was encumbered by mechanical issues with the directional drilling tools and a minor throw fracture feature at which the Company elected to drill higher in the 50-meter ARF pay zone to go over the faulted section with the aim of increasing the final lateral length of the well. Drilling has commenced from the intermediate cased section at about 2,800 meters and is projected to be completed in December. The drilling rig will then be released and a rig less well completion phase with fracture stimulation of the ARF will start immediately after. TAG Oil will continue to provide regular drilling updates, as necessary. The BED 1-7 well has been on production since April 2023 and has reached a cumulative production of approximately 10,000 barrels of oil from the ARF. The well is currently undergoing a build-up assessment of the reservoir pressure to determine the depletion and potential of the well. It will be followed by clean-out operations and then will resume production. The Company is pleased with the results from the well and it provides important data for further development planning of the ARF in the BED-1 field. Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 2 highly experienced directors. Executive Chairman Abby Badwi was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annuncio • Sep 30
TAG Oil Ltd., Annual General Meeting, Dec 06, 2023 TAG Oil Ltd., Annual General Meeting, Dec 06, 2023. Annuncio • Sep 28
Tag Oil Ltd. Commences Drilling the Horizontal Leg of Its Bed4-T100 Well After Successfully Logging the Vertical Pilot Hole TAG Oil Ltd. announced that it has commenced drilling the horizontal portion of the BED4-T100 ("T100") well in the Badr Oil Field ("BED-1") in the Western Desert of Egypt. TAG Oil successfully drilled the vertical pilot hole to a depth of 3,290 meters. The Company recently performed open-hole logging, formation imaging, and pressure measurement, followed by cement plug-back of the lower vertical pilot hole. TAG Oil immediately proceeded intohip-stock drilling of build and lateral horizontal sections in the Abu Roash "F" ("ARF") reservoir. The open hole logs showed very similar results to those completed over nearby offset wellbores in BED-1. The ARF section was approximately 50 meters in thickness and was very close to the structural elevation anticipated. The horizontal portion of the T100 well will target oil in the ARF unconventional tight, carbonate reservoir. The lateral section of the horizontal well is expected to take approximately three weeks to drill and extend over 1,000 meters. TAG Oil will then move to complete the T100 well and remains on track to be completed and begin flow back testing during November 2023. TAG Oil will provide detailed drilling and completion updates in due course. Information obtained during the drilling of the T100 well, including mud logging and drill cuttings to assess the reservoir quality across the lateral section, will be used in conjunction with the work completed on the geo-mechanical properties and 3D seismic interpretation in the area to design the well completion and fracture stimulation program. Performance from the T100 well will be used for planning and executing future drilling plans that the Company expects to initiate by calendar First Quarter 2024. New Risk • Aug 31
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$16m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$16m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Shareholders have been substantially diluted in the past year (97% increase in shares outstanding). Revenue is less than US$1m (CA$307k revenue, or US$227k). Minor Risk Market cap is less than US$100m (€67.6m market cap, or US$73.3m). Annuncio • Aug 23
TAG Oil Ltd. Commences Drilling of First Horizontal Well in the Abu-Roash F Development in the Badr Oil Field TAG Oil Ltd. announced that the first horizontal well, BED4-T100 (T100) in the Badr Oil Field (BED-1) in the Western Desert of Egypt, has commenced drilling and is currently through a depth of 600 meters. The well will target oil in the Abu-Roash F (ARF) unconventional tight, carbonate reservoir at projected depth total vertical depth of 3,300 meters. The decision to spud the T100 well is the result of careful planning and comprehensive geological and geophysical studies conducted by TAG Oil's experienced unconventional development team. The Company anticipates that the T100 well will be completed by calendar Fourth Quarter 2023, and detailed drilling and completion updates will be provided in due course. Commencing the T100 drilling program marks a significant milestone in the Company's operations and ongoing commitment to unlocking the ARF reservoir's potential in BED-1. The T100 well design includes a vertical pilot assessment well for potential coring, open-hole logging, formation imaging, pressure measurement and fluid sampling, followed by cement plug-back of lower vertical pilot hole and whip-stock drilling of build and lateral horizontal sections in the ARF reservoir. Information obtained during the drilling of the T100 well, including mud logging and drill cuttings to assess the reservoir quality across the lateral section, will be used in conjunction with the work completed on the geo-mechanical properties and 3D seismic interpretation in the area to design the well completion and fracture stimulation program. Performance from the T100 well will be used for planning and executing future drilling plans that the Company expects to initiate by calendar first quarter 2024. Annuncio • Jun 20
TAG Oil Ltd. Provides BED 1-7 Well Production Update TAG Oil Ltd. provided the following operations update at the BED-1 Field in the Western Desert, Egypt: BED 1-7 Well Production: Since initial flowback of the BED 1-7 well on April 23, 2023, the well started by unloading to surface completion fluid from the fracture stimulation and formation oil under natural flow; the Company temporarily shut-in the well to install production tubing and down-hole Electric Submersible Pump. The BED 1-7 well started production on May 19, 2023, from the Abu-Roash "F" reservoir with the ESP pump at rates of 150 to 200 barrels of fluid per day and continued to unload remaining fracture fluid with gradual increase of formation oil over the first week. Pump speeds and surface choke adjustments were made to achieve a stabilized rate of production. Over the past two weeks, down-hole pump intake pressure and production stabilized at an average rate of 140 barrels of oil per day with about 5% water content at a constant ESP pump speed and wellhead choke of 10/64". The Company intends to maintain the same pump speed and choke size to monitor the well's performance for the next 30 to 60 days. Cumulative oil production from the well to date is over 4,000 barrels of 23-degree API Oil. The performance of the BED 1- 7 vertical well test has achieved the Company's objectives for the well, including the Diagnostic Fracture Injection Test (DFIT) pressure leak-off for indications of reservoir parameters, fluid samples from the ARF, successful completion of a large single-stage fracture treatment on the ARF, and inflow performance testing of the stimulated well. The Company also learned a significant amount about the availability, quality and delivery of materials and services in the Western Desert of Egypt, which will be important for implementation of the new horizontal well and working with local partners to ensure access for equipment and personnel in field operations and establishing timeline for future operations in the BED-1 Field. The Company was successful in securing a suitable drilling rig for the first horizontal well, BED4-T100, designed with a multi-stage fracture stimulation completion of the ARF formation. The rig will be mobilized from its current location in the Western Desert by mid-July and the well is scheduled to commence drilling shortly after. Detailed drilling and completion schedule plans will be provided at that time. The well design includes a vertical pilot assessment well for potential coring, open-hole logging, formation imaging, pressure measurement and fluid sampling, followed by cement plug-back of lower vertical pilot hole and whip-stock drilling of build and lateral horizontal sections of the T100 new well in the ARF reservoir. Information will be collected during the drilling of the well including mud logging and drill cuttings to assess the reservoir quality across the lateral, which will be used in conjunction with the work completed on the geo-mechanical properties and 3D seismic interpretation in the area to design the well completion. Annuncio • Jan 28
TAG Oil Ltd. Provides BED 1-7 Operations Update TAG Oil Ltd. announced that the Company has commenced the re- completion and evaluation operations of the BED 1-7 vertical well. These initial operations are part of TAG Oil's Phase 1 development program of the unconventional Abu Roash "F" ("ARF") reservoir in the Badr Oil Field ("BED-1") located in the Western Desert, Egypt. More specifically, the Company identified a suitable candidate well (BED 1-7) for re-completion that historically produced approximately 20,000 barrels from the ARF reservoir at an initial production rate of 418 barrels of oil per day. The well declined quickly without any significant stimulation or liquid lifting from the tight carbonate reservoir and was suspended after the first year of production. Current operations on BED 1-7 include conditioning the open-hole section of the well with a cemented production liner, re-completing the ARF and conducting a Diagnostic Fracture Injection Test (DFIT) to provide information on the geo-mechanical properties and imaging the natural fracture network in the ARF reservoir. Once this initial stage had been completed, the Company will implement hydraulic fracture stimulation to improve permeability and productivity, followed by well flow-back and a production cycle to assess the potential of oil recovery from the ARF in BED-1. The Company anticipates providing well results in March 2023 that will improve the reservoir simulation forecasts for the first horizontal well expected to progress in the second quarter, pending drilling rig availability. Recent Insider Transactions • Nov 13
Executive Chairman recently bought €299k worth of stock On the 4th of November, Abdel Fattah Badwi bought around 1m shares on-market at roughly €0.30 per share. This transaction amounted to 46% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Abdel Fattah's only on-market trade for the last 12 months. 