TAG Oil has announced that it has reached an agreement with Badr Petroleum Company, holders of the BED-1 concession, to extend the evaluation period under the petroleum services agreement for three (3) years up to October 13, 2028. During the extension period, the Company commits to drill two (2) additional wells at BED-1, and subject to drilling results, TAG Oil may elect to proceed with full-scale commercial development of the Abu Roash “F” reservoir.
The Company has also entered into amendments to the employment agreement of its VP and Chief Operating Officer, Suneel Gupta. The amendments provide that Mr. Gupta will continue in his current role until December 31, 2025, subject to extension by mutual agreement.
Abby Badwi, TAG’s Executive Chairman and CEO, commented, “We welcome the extension of the evaluation phase, allowing for additional drilling and comprehensive monitoring of multiple wells, for a better understanding of the potential of this strategic resource play. The recently announced Southeast Ras Qattara acquisition further strengthens our position and supports the continued expansion of land holdings and our operations in Egypt. We appreciate Mr. Gupta’s continued involvement with the Company.”
