TAG Oil Announces Pricing of Public Offering of Units

NOT FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Oct. 23, 2024 (GLOBE NEWSWIRE) — TAG Oil Ltd. (TSXV:TAO, OTCQX:TAOIF, and FSE:T0P) ("TAG Oil” or the "Company”) announces pricing of its previously announced $10 million marketed public offering of units of the Company (the "Units”) at a price of $0.17 per Unit (the "Offering”).

Certain members of management and directors of the Company intend to participate alongside investors in the Offering.

The Offering is being led by Research Capital Corporation, as lead agent and sole bookrunner, on behalf of a syndicate of agents, including Beacon Securities Limited, Canaccord Genuity Corp., Haywood Securities Inc., Ventum Financial Corp. and Tennyson Securities (collectively, the "Agents”).

Each Unit will consist of one common share of the Company ("Common Share”) and one Common Share purchase warrant (a "Warrant”). Each Warrant entitles the holder thereof to purchase one Common Share (a "Warrant Share”) at an exercise price equal to $0.25 per Warrant Share at any time up to 24 months following the closing of the Offering.

The Company intends to use the net proceeds of the Offering to advance appraisal and development activities in the Western Desert, Egypt, at both the Badr Oil Field and strategic new 512,000-acre concession and for working capital and general corporate purposes. Activities to be advanced with the proceeds include executing re-entry work on multiple existing wells to recomplete and/or drill a sidetrack into existing conventional oil reservoirs, 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.

In addition, the Company plans to also complete a third-party resource report on the new strategic 512,000-acre concession that is in the process of being acquired and conduct a potential strategic joint venture partnership process.

The Company has granted the Agents an option, exercisable in whole or in part, at the sole discretion of the Agents, at any time, from time to time, for a period of 30 days from and