TAG Oil (TAO) Q4 2025 earnings summary

Executive summary

• Focus on developing high-value oil opportunities in Egypt's Western Desert, specifically the BED-1 and SERQ concessions, using enhanced oil recovery and unconventional techniques.

• BED-1 and SERQ concessions have significant oil-in-place (OIIP) potential, with ARF reservoirs mapped at over 500 million barrels (BED-1) and 3.2 billion barrels (SERQ).

• Recent drilling and hydraulic fracturing have proven the unconventional resource play concept, with ongoing and planned drilling to further unlock value.

Financial highlights

• RPS estimates ARF OIIP P50 volumes at 531.5 million barrels for BED-1.

• RPS best estimate for 2C Contingent Resources is 27.0 million barrels gross (16.5 million barrels net to company) with NPV10% of US$339 million.

• FDP CAPEX and OPEX discounted at 10% are US$104 million and US$160 million, respectively, for 2C Development Pending Contingent Resources.

Outlook and guidance

• Field Development Plan includes drilling 18-20 horizontal wells, phased at 3-4 wells per year, targeting peak production up to 20,000 BOPD.

• New vertical and horizontal wells planned for 2026 and 2027, with initial production estimates of 400-600 BOPD for the next vertical well.

• 2026 capital program budgeted at US$7.3 million, funded by equity financing.