Petroleum Africa
Find us on: 
Friday, January 6, 2023
In a January 5 letter to shareholders, TAG Oil CEO Toby Pierce expressed his optimism about the company’s planned drilling activities in Egypt. The text of the letter follows.
Dear Fellow Shareholders,
First, I want to take this opportunity to thank you for being a loyal shareholder of TAG Oil. The past few years have been a bumpy ride for the oil and gas industry, with more than our usual share of ups and downs. But as CEO of TAG Oil, I can say that without a doubt, the upcoming year is one that I am enthusiastic about.
With the announcement of the Petroleum Services Agreement for the BED-1 project in the Western Desert of Egypt, our experienced team has hit the ground running. As mentioned in our December 15, 2022 press release, we are beginning phase 1 of our development program: we anticipate that our first well re-completion of the BED 1-7 vertical well will commence in mid- January, with well results to the market in March.
Our primary focus is to produce oil and generate cash flow, and we plan to move strategically and quickly to achieve those goals. We will use the data collected from BED 1-7 to facilitate plans for drilling the first horizontal ARF well in BED-1, which we anticipate in May/June, and potentially drilling a second horizontal well in Q4 2023 or early in 2024.
The TAG Oil team has a wealth of knowledge with unconventional assets and I’m confident that we will execute on our long-term business plan, attracting more investor attention over time and continuing to stand out among our international oil sector and peer group.
Cheers to an exciting year ahead!
Toby Pierce
" alt="First LNG Realized at the Greater Tortue Ahmeyim Project">
" alt="United Energy Acquires Western Desert Producer APEX">
" alt="Baker Hughes Announces Major Gas Technology Orders for Venture Global LNG">
" alt="ReconAfrica: Naingopo Results Demonstrate a Working Petroleum System">
" alt="Tullow Highlights 2025 Operational Plans in Ghana">
" alt="TotalEnergies to Supply 1.5 TWh to STMicroelectronics in France Over 15 years">
" alt="Rockhopper Reaches Final Settlement with United on Egypt’s Abu Sennan Concession">
" alt="Oil & Gas Crucial for African Growth: AEC Calls for Industry Support to Defend African Market">
