TAG Oil Announces Senior Leadership Appointments for its Egypt Operations

VANCOUVER, BC, May 30, 2023 /CNW/ - TAG Oil Ltd. (TSXV: TAO) (OTCQX: TAOIF) ("TAG Oil" or the "Company") is pleased to announce the formal appointment of two new highly experienced VPs with strong operational backgrounds and the promotion of the Company's accomplished country manager, which will enhance TAG Oil's management team in Egypt and the broader MENA region.

Mr. Gamal Rezk has been promoted to VP & General Manager of TAG Petroleum Egypt Ltd. ("TPEL"), along with the appointment of Mr. Samir Abady who joins as VP & Operations Manager and Mr. Kevin Baxter as VP & Technical Manager of TPEL.

Mr. Gamal Rezk, VP & General Manager

Mr. Rezk is the current country manager and has been instrumental in setting up TPEL's Egypt branch over the last three years. Mr. Rezk has over 24 years of oil and gas industry experience working with international energy companies with head offices based overseas and is instrumental in aligning corporate office personnel with Egypt based operations. Mr. Rezk served as VP of Finance, and then CFO, of Scimitar Production Egypt from June 2006 until he joined TAG Oil in 2020. Prior to that he served as Finance Administration Director at VA Tech Siemens from 1999 to 2006 and provided management services for a variety of international companies, including Halliburton and Schneider Electric. Mr. Rezk is a Commerce graduate from the University of Cairo and completed the mini-MBA program in Egypt sponsored by the University of North Carolina in 2005, and the Certified Management Accounting-CMA Advanced Accounting Systems in Toronto, Canada.

Mr. Samir Abady, VP & Operations Manager

Mr. Abady has over 35 years of experience in the oil and gas industry in Egypt, having supervised and managed the drilling of numerous exploration and development wells in the country. His career commenced in 1986 with Khalda Petroleum Company ("Khalda") as a Drilling Engineer and then advanced to Drilling General Manager in 2009. In 2011, Mr. Abady was appointed as Khalda's Deputy Operation GM and a board member, and a board member in Tanmia Petroleum Company (went on to serve as their Chairman & CEO in 2017). In 2014, Mr. Abady was appointed as Chairman & MD of an Apache/Egyptian General Petroleum Corporation ("EGPC") joint venture company (Qarun Petroleum Company), and as a board member of Petrojet. In December 2015, Mr. Abady was appointed as Chairman & MD of the Egyptian Drilling Company ("EDC"), and later went on to serve as a board member of EDC and as EGPC's Deputy CEO for Production and a board member. Mr. Abady was also a non-executive Chairman & MD of Farah Petroleum Company (PetroFarah) and General Manager of National Drilling Company. Mr. Abady obtained a Bachelor's degree in Petroleum Engineering from Suez Canal University in 1986.

Mr. Kevin Baxter, VP & Technical Manager

Mr. Baxter is a senior leader with over 30 years of proven oil and gas management experience in developing and managing large, diverse organizations that have delivered against challenging objectives. Mr. Baxter started his career as a Production Engineer with Amoco Canada in 1994, and then with Anderson Exploration, Beau Canada Exploration, and Canadian Occidental Petroleum Yemen. Mr. Baxter then went on to serve as a manager for Nexen Petroleum, managing various operations in Yemen and the UK, including reservoir, maintenance, production, completions, drilling, engineering, and construction. Mr. Baxter went on to serve as a Technical Director for all of Bankers Petroleum's technical functions and as General Director for all production and operations within Albania from 2015 to 2019. Mr. Baxter holds a B.Sc. in Mechanical Engineering from the University of Calgary that he obtained in 1990.

Toby Pierce, CEO of TAG Oil, commented, "As our operations progress in Egypt, I am excited that Mr. Rezk, Mr. Abady, and Mr. Baxter will form the backbone of TAG Oil's management team in Egypt. They are a significant addition to our Company, and all have strong backgrounds, established industry relationships, and proven track records of increasing corporate and operational performance, and are highly motivated, detail and goal-oriented, and are focused on results."

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 news release that are not historical facts are forward-looking statements that involve various risks and uncertainty affecting the business of TAG Oil. All estimates and statements that describe the Company's operations are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties. 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.

Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company's future success in exploiting and increasing its current resource 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. 

SOURCE TAG Oil Ltd.

Toby Pierce, Chief Executive Officer, Phone: [phone], Email: [email protected], Website: http://www.tagoil.com/