HomeBusinessOil Firm Might Change into Main Producer In Egypt Receive US

Oil Firm Might Change into Main Producer In Egypt Receive US

September 1, 2023 ( Newswire) TAG Oil has begun an formidable drilling marketing campaign within the Egyptian desert. Learn on to see what analysts must say about TAG’s inventory.

TAG Oil Ltd. (TAO: TSX.V; TAOIF:OTCQX) has commenced drilling its first horizontal well, BED4-T100 (T100), within the Badr oil Discipline (BED-1) within the Western Desert of Egypt, and has set floor casing at ~1,250 meters.

Positioned on the Abu-Roash F (ARF), it’s supposed to focus on an unconventional tight, carbonate reservoir at a projected complete vertical depth of three,300m. TAG determined to spud the T100 effectively after conducting geological and geophysical research with the help of the corporate’s growth staff. TAG believes that the T100 effectively will likely be prepared by This autumn 2023. The corporate will proceed to place out updates on drilling and mission completion.

The T100 drilling program is a vital step ahead for TAG. The design is made up of a vertical pilot evaluation effectively for potential coring, open gap logging, formation imaging, stress measurement, and fluid sampling.

Further options of the effectively’s design embrace a cement plug-back of the decrease vertical pilot gap and whip-stock drilling.

Utilizing what it discovered throughout the drilling of the T100 effectively in addition to different geological work and 3D seismic interpretations, TAG designed the effectively completion and fracture stimulation program.

The outcomes from the T100 effectively will likely be used to design future drilling plans, which the corporate expects to start by Q1 2024.

TAG also put out the company’s results for the period ending on June 30, 2023, on August 29, 2023. TAG has posted this data on its web site. In response to TAG, the corporate had acquired CA$15.5 million in money and CA$17.9 million in working capital by March 31. The corporate experiences that it isn’t in debt. It just lately completed a public providing price CA$11.7 million.

The corporate has offered a abstract of its drilling progress. In response to TAG, the corporate has additionally decided 1,250m of floor casing and has begun drilling. TAG will proceed to offer updates about drilling on the Abu Roash F.

Oil Costs Rising

Oil prices are expected to rise with no end in sight. In early August, the Biden administration rescinded a deal to purchase 6 million barrels of oil as costs are anticipated to rise after an output reduce from Saudi Arabia.

A spokesperson from the Vitality Division reported that the choice was made based mostly on the present market, the place cuts in manufacturing had triggered oil costs to rise to over US$80 per barrel.

On August 18, 2023, Reuters reported that Europe’s natural gas storage is almost full however that this nonetheless is probably not sufficient to see the area by the winter. Client nations have been looking for options, however the oil provide continues to constrict.

Analysts Bullish on TAG

Chen Lin, writer of What’s Chen Shopping for? What’s Chen Promoting? is bullish on TAG Oil. He commented that “[TAG’s success] would change politics endlessly. Egypt would change into a significant oil producer.”

Invoice Newman of Analysis Capital Corp. is also bullish on the company and predicted a attainable 93% return for buyers in a June analysis observe. He put down a goal value of CA$1.35 on TAG, which at the moment trades at about CA$0.70 per share.

Possession and Share Construction

Administration and insiders personal 27.14% of the corporate. Askar Alshinbayev owns 18.78% of the corporate with 29.99 million shares, Abdel Fattah Z Badwi owns 3.36% with 5.38 million shares, Shawn Reynolds owns 1.49% with 2.38 million shares, Suneel Gupta owns 0.99% with 1.59 million shares, Tony Robert Pierce owns 0.95% with 1.51 million shares, Barry MacNeil owns 0.85% with 1.36 million shares, and Gavin Hugh Lothian Wilson owns 0.72% with 1.15 million shares.

Establishments personal 10.93% of the corporate. YF Finance, Ltd., owns 8.14% with 13.01 million shares, Objective Investments Inc. owns 2.15% with 3.44 million shares, and Novum Asset Administration AG owns 0.64% with 1.02 million shares.

There are 159.74 million shares excellent, and 102.77 million free-float traded shares. The corporate has a market cap of CA$67.23 million. It trades within the 52-week interval between CA$0.39 and CA$0.58.

Extra Information: Newswire

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