TAG Oil (TAO) Q1 2025 earnings summary

Executive summary

• Reported Q1 2025 financial results with continued focus on Middle East and North Africa oil and gas operations.

• Progressed toward closing a strategic asset acquisition in Egypt and seeking a partner for further drilling at BED-1 field.

Financial highlights

• Cash and cash equivalents stood at C$3.2 million as of March 31, 2025, down from $6.6 million at December 31, 2024.

• Working capital remained stable at $5.0 million compared to the previous quarter.

• No debt reported as of March 31, 2025.

Segment performance

• BED-1 wells produced an average of 130 barrels of oil per day during the quarter.

• Crude oil sales averaged 142 barrels of oil per day for the same period.

• Temporary well shut-ins for reservoir pressure build-up indicated minimal depletion.

• Completed construction improvements at both well-site early production facilities for better handling and treatment of Abu Roash "F" crude oil.