Tag Oil provides update on operations at the unconventional heavy oil Abu Roash

TAG Oil has provided an operations update as the Company initiates Phase 1 of its strategic development program of the unconventional Abu Roash 'F' ('ARF') reservoir in the Badr oil field ('BED-1') over the first half of 2023, consisting of the following:

• First Well Re-Completion: TAG Oil has chosen the BED 1-7 vertical well for its first re-completion and evaluation operations in BED-1. The well had previously tested at a peak rate of 418 barrels of 24? API oil and produced ~20,000 barrels of oil from the ARF during a one-year production period before being suspended.

The first stage of operations will involve conditioning the open-hole section of the well with a 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. This will be followed with hydraulic fracture stimulation to improve permeability and productivity, flow-back and a production cycle to assess the potential of oil recovery from the ARF. Services and equipment for these operations are being secured, which TAG Oil has scheduled to be in place for operations to commence in mid-January 2023. The Company anticipates being able to provide well results in March 2023.