TAG Oil Provides Update on Drilling Operations at BED-1 Concession, Egypt
TAG Oil (TAO.V) on Tuesday provided an update on drilling operations at the Badr Oil Field (BED-1) in the Western Desert of Egypt.For the upcoming T-200 vertical well, the NDC-9 drilling rig is expected to be mobilized to the BED-1 location this month, said the company and added that surface site preparation is underway, and other regulatory requirements have been secured.Drilling operations are expected to start by mid-July."Designed as a vertical well with a planned total depth of approximately 4,250 metres, T-200 will target the Abu Roash "F" formation, a naturally fractured reservoir in this area where nearby wells have encountered lighter gravity oil," stated the company.Drilling and completion activities are expected to take approximately 60 days."The T-200 well represents the next step in TAG Oil's ongoing evaluation of the ARF formation and securing the NDC-9 drilling rig marks an important milestone," said chief executive Abby Badwi. "With site preparation and activities progressing as planned, we look forward to commence drilling next month and further evaluating the production potential of this reservoir."The company's shares were last seen unchanged at $0.075 on the TSX Venture Exchange.
