TAG Oil (TAO) Corporate presentation summary

Asset portfolio and resource potential

• Focus on unconventional oil development in Egypt's Western Desert, targeting BED-1 and SERQ concessions with significant oil-initially-in-place (OIIP) volumes: 500+ million bbls at BED-1 and 3.2 billion bbls at SERQ.

• BED-1 covers 107 km² and was previously operated by Shell, while SERQ spans 2,000 km² with prior conventional production.

• Both concessions have extensive 2D/3D seismic coverage and multiple ARF well penetrations.

• Egypt's Western Desert is estimated to hold over 100 TCF of gas and 4+ billion barrels of oil, with strong government support for new development.

Drilling results and development plans

• BED-1 vertical and horizontal wells have demonstrated commercial oil production, with initial rates up to 350 BOPD and cumulative production exceeding 59,000 barrels for key wells.

• New vertical well (T-200) planned for Q3-2026, targeting high-fracture zones with expected initial production of 500–600 BOPD.

• Second well (vertical or horizontal) planned for Q1-2027, incorporating learnings from fracture stimulation.

• Drilling and testing at SERQ contingent on PSA award, with plans to test ARF in existing wells and drill a new exploration well.

Resource estimates and economic highlights

• RPS estimates ARF OIIP P50 at 531.5 million barrels for BED-1, with 2C contingent resources of 27 million barrels gross (16.5 million net).

• NPV10 for 2C contingent resources is US$339 million, with phased development plan targeting up to 20,000 BOPD peak production.

• WDVGE modeling supports horizontal development with 60-day IPs of 2,740–4,820 BOPD and EURs up to 635,000 barrels per well.

• SERQ ARF formation independently assessed to contain 3.2 billion barrels OIIP over 250 km², with strong unconventional potential.