Canada’s TAG Oil aims to raise CAD 10M to fund oil activities in Egypt
Updated 10/27/2024 8:39:00 AM
Arab Finance: Canada-based oil and gas firm TAG Oil is planning to raise CAD 10 million via a marketed public offering of additional units of the company, while using the proceeds to promote appraisal and development activities in Egypt’s Western Desert, the company said in a statement.
The firm will use the funds to expand its activities in the Badr Oil Field and strategic new 512,000-acre concession, as well as for working capital and general corporate purposes.
The activities cover executing re-entry work on several existing wells to complete and/or drill a sidetrack into existing conventional oil reservoirs.
This is in addition to the drilling of new vertical delineation wells in the unconventional Abu Roash “F” (ARF) resource play targeting high-intensity natural fractured areas and the planning of the next horizontal well with multi-stage frac.
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