TAG Oil Expands Evaluation Period for BED-1 Concession: A Positive Step for Growth in Egypt
In exciting news for investors and stakeholders alike, TAG Oil Ltd. has successfully negotiated an extension of the evaluation period for its BED-1 concession, managed in partnership with Badr Petroleum Company. This new agreement allows TAG Oil to continue its exploration endeavors under the petroleum service agreement for an additional three years, extending the timeline until October 13, 2028. This is a strategic move that can help shape TAG Oil’s future in Egypt’s dynamic oil and gas market.
As part of this extension, TAG Oil is set to drill two new wells at the BED-1 site. Depending on the results of these drilling efforts, the company may leap into full-scale commercial development of the Abu Roash F reservoir. This potential expansion highlights the company’s commitment to not only enhancing its capabilities in Egypt but also tapping into what is seen as a promising resource-rich area.
Abby Badwi, the executive chairman and CEO of TAG Oil, shared his enthusiasm about this extension. He stated, “We welcome the extension of the evaluation phase, allowing for additional drilling and comprehensive monitoring of multiple wells to better understand the potential of this strategic resource play.” Badwi went on to underscore the significance of the recently acquired Southeast Ras Qattara as a key factor in bolstering TAG’s operational footprint in Egypt.
Furthermore, TAG Oil has made amendments to the employment agreement of their vice-president and chief operating officer, Suneel Gupta, ensuring that he will continue in his role until December 31, 2025, with potential for further extensions. This move emphasizes the company’s desire for stability and continuity in leadership as it embarks on this critical phase of development.
TAG Oil Ltd. is a Canadian-based venture focused on oil and gas exploration across the Middle East and North Africa—a region filled with opportunities for growth and advancement. As they navigate this promising journey, the extension of the BED-1 agreement represents a significant chapter in TAG Oil’s commitment to harnessing the potential of Egypt’s energy resources.
For more updates on TAG Oil and its ventures in the oil and gas sector, keep an eye on Africazine.
(Country Tags: #Egypt, #Canada; Category Tags: #BusinessNews, #Politics, #WorldNews)
