Financial Wire

TAG Oil Provides Update on Operations and Planned Activities in Egypt's Western Desert

-- TAG Oil (TAO.V) on Monday provided an update on its first quarter operations and planned activities in the Egypt's Western Desert.

The company said it is preparing to drill the T-200 vertical well at the Badr Oil Field concession. To capitalize on current oil prices, the company said it is actively working to secure a drilling rig and plans to start operations once a suitable rig becomes available.

It has also selected an existing well to carry out a Diagnostic Fracture Injectivity Test on the ARF formation at the Southeast Ras Qattara oncession. Planning for the test program is underway, and field operations are expected to start following execution of a petroleum services agreement before the end of the second quarter.

The company added that subject to positive results, it is considering drilling a new vertical well in the fourth quarter to further evaluate the commercial potential of the reservoir.

Shares of the company were last seen unchanged at $0.085 on the TSX Venture Exchange.

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