TAG Oil (TAO) Corporate presentation summary

Egypt asset and market

• BED-1 covers 107 km² (~27,000 acres) in Egypt’s Western Desert; focus is the Abu Roash F (ARF) unconventional oil reservoir.

• The concession has full 2D and 3D seismic coverage, wells with ARF log data, and access to regional pipelines, refineries and export terminals.

• Egypt’s current output is ~525,000 BOPD of oil and 4.0 Bcf/d of gas; government initiatives target increased production, including horizontal drilling and hydraulic fracturing.

• Improved fiscal terms, settlement of IOC receivables, established infrastructure and service providers support investment and operations.

• Egypt’s Western Desert is estimated to hold 100+ Tcf of gas and 4+ billion barrels of oil.

Contract and operating record

• BED-1 PSA with BPCO was signed in October 2022; exclusive ARF development rights run to 2032, with a 10-year extension option to 2042.

• Under the service-fee model, 100% of capex and opex are funded by the operator; at up to 10,000 BOPD and $70–$90 Brent, the fee is 62% of production revenue; EGPC pays taxes and royalties.

• BED1-7 hydraulic-fracture re-completion stabilized at 140 BOPD of 23° API oil; average production was 30 BOPD, with 22,000 barrels produced to Nov 2024.

• T-100 horizontal well achieved a 308 m lateral after drilling issues; initial production stabilized at 350 BOPD of 23° API oil, with average production of 60 BOPD and 40,000 barrels produced.

• T-200 vertical well was drilled in a naturally fractured ARF area; the presentation gives a P90 productivity prediction of 450–650 BOPD and estimates 5.0 million barrels OOIP within structural closure.

Resource case and technical work

• RPS’s 2022 estimate put ARF OIIP P50 at 531.5 million barrels across BED-1; 2C Development Pending contingent resources were 27.0 million barrels gross and 16.5 million net.

• RPS estimated 2C contingent-resource NPV at US$339 million discounted at 10%; associated discounted FDP capex and opex were US$104 million and US$160 million.

• The field development plan outlined 18–20 multi-stage-fractured horizontal wells, phased at 3–4 wells per year, with potential peak production up to 20,000 BOPD.

• February 2026 WDVGE work supported testing a horizontal well in a non-fractured area and a vertical well in a deeper fault block; both or either were considered meritorious.

• T-200 logs indicate 58 m gross pay, average porosity of 8% and up to 10%, oil shows and high gas readings; a 14 m sweet spot was identified for follow-up horizontal drilling.