TAG Oil secured a drilling rig for the T-200 well at its Badr Oil Field (BED-1) concession in Egypt’s Western Desert, with spud targeted by the end of June 2026, pending regulatory approvals.

The T-200 vertical well is designed to test the Abu Roash “F” formation, a naturally fractured reservoir where nearby wells have encountered lighter gravity oil. The well is projected to reach a total depth of 4,250 m and is expected to take approximately 60 days to drill and complete.

Separately, TAG Oil said the Egyptian National Petroleum for Exploration and Development Company (ENPEDCO) has advised that additional exploration blocks will be added to the Southeast Ras Qattara (SERQ) concession, along with amendments to certain economic terms of the current concession agreement. As a result, the preliminary approval of TAG Oil’s SERQ award has been withdrawn and will be resubmitted following enactment of a new law amending the concession agreement terms.