TAG Oil T-200 Well Drilling Update

BED-1 Concession in Egypt

Vancouver, British Columbia--(Newsfile Corp. - October 2, 2026) - TAG Oil Ltd. (TSXV: TAO) (OTCQB: TAOIF) (FSE: T0P) ("TAG Oil" or the "Company") is pleased to provide the following drilling operations update at its T-200 vertical well at the Badr Oil Field ("BED-1") in Egypt's Western Desert.

The T-200 well, targeting the Abu Roash "F" ("ARF") formation, has successfully reached a depth of 4,102 metres, intersecting the top of the targeted ARF reservoir at 4,100 metres in line with geological forecast and budgeted drilling costs to date. The Company will start running the seven-inch liner casing string, after which drilling will resume through the entire ARF section to projected total depth of approximately 4,200 metres. Upon reaching total depth, completion and testing operations will start with initial production test results expected in late October 2026.

The Company will continue to provide additional updates as drilling progresses and will report results following completion and testing of the well.

About TAG Oil Ltd.

TAG Oil (http://www.tagoil.com/) is a Canadian-based international oil and gas exploration company with a focus on operations and opportunities in the Middle East and North Africa.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Statements contained in this release that are not historical facts are forward-looking statements that involve various risks and uncertainties affecting the business of TAG Oil. All estimates and statements that describe the Company's future operations, plans and objectives are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties. Forward-looking statements in this release include, but are not limited to, statements regarding the running of the 7-inch liner and resumption of drilling of the T-200 well, the projected total depth of the well, the timing of completion and testing operations, the anticipated timing of initial production test results, the anticipated evaluation of the ARF formation, and the Company's plans to provide further updates. These forward-looking statements are based on assumptions the Company believes to be reasonable as of the date of this release, including, without limitation, assumptions regarding the timely performance of contractors and counterparties, the receipt and maintenance of all required regulatory approvals and permits, the availability of drilling, completion and testing equipment, services and personnel, geological and pressure conditions being consistent with prognosis, remaining well costs being consistent with budget, and the absence of material operational delays or interruptions. Actual results may vary materially from the information provided in this release, and there is no representation by TAG Oil that the actual results realized in the future will be the same in whole or in part as those presented herein. TAG Oil undertakes no obligation, except as otherwise required by law, to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors change. The Company shall not be liable or responsible for any claim or damage, direct or indirect, special or consequential, incurred by the user arising out of the interpretation, reliance upon or other use of the information contained in the pages of this release.

Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company's future success exploiting and increasing its current asset base will depend on its ability to develop its current properties and on its ability to discover and acquire properties or prospects that are capable of commercial production. However, there is no assurance that the Company's future exploration and development efforts will result in the discovery or development of additional commercial accumulations of oil and natural gas. In addition, even if further hydrocarbons are discovered, the costs of extracting and delivering the hydrocarbons to market and variations in the market price may render uneconomic any discovered deposit. Geological conditions are variable and unpredictable. Even if production is commenced from a well, the quantity of hydrocarbons produced inevitably will decline over time, and production may be adversely affected or may have to be terminated altogether if the Company encounters unforeseen geological conditions. The Company is subject to uncertainties related to the proximity of any resources that it may discover to pipelines and processing facilities. It expects that its operational costs will increase proportionally to the remoteness of, and any restrictions on access to, the properties on which any such resources may be found. Adverse climatic conditions at such properties may also hinder the Company's ability to carry on exploration or production activities continuously throughout any given year.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/317023

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