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Wednesday, October 19, 2022
TAG Oil Ltd. announced that it has now formally entered into the previously announced petroleum services agreement (PSA) with Badr Petroleum Company (Bapetco) to commence development operations at the unconventional Abu Roash “F” reservoir in the Badr Oil Field (BED-1), a 107 sq km concession located in the Western Desert of Egypt.
The official PSA signing took place at the Egyptian General Petroleum Corporation (EGPC) offices in Cairo, Egypt, between Eng. Ibrahim Massoud, Chairman of BPCO, and Abby Badwi, Executive Chairman of TAG Oil, and present for the signing was Eng. Mohamed Baydoon, Vice President Production of EGPC.
Abdel Fattah Badwi, executive chairman of TAG Oil commented on the development, stating: “With the recently announced upsized C$22 million underwritten public offering and current working capital, the Company is well positioned to initiate development operations at the BED-1 Field and execute a significant capital program starting this year and continuing into 2023 to unlock the potential of this significant oil resource.”
Further details of the project are included in a presentation available on the company’s website.
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