TAG Oil (TAO) Q2 2024 earnings summary

Executive summary

• Reported interim financial results for the period ending June 30, 2024, with a focus on operational progress in Egypt.

• Continued development of the Abu Roash "F" reservoir in the Badr Oil Field, Western Desert, Egypt.

• Exploring strategic partnerships and acquisition opportunities in Egypt and the broader MENA region.

Financial highlights

• Cash and cash equivalents stood at C$7.7 million as of June 30, 2024, down from C$12.7 million on March 31, 2024.

• Working capital was C$7.3 million, compared to C$9.4 million at the end of the previous quarter.

• No debt reported as of the end of the period.

Outlook and guidance

• Planning underway for the next horizontal well, incorporating learnings from the T100 well.

• Development plans include resuming production from the BED 1-7 vertical well.

• Ongoing efforts to expand operations through partnerships and acquisitions in the MENA region.