Tag Oil (TSX-V:TAO, OTCQX:TAOIF) CEO Toby Pierce joined Proactive's Stephen Gunnion with news that the company has achieved its first oil production in the Badr Oil Field in Egypt's Western Desert.
The company announced the successful re-entry of the vertical well, BED 1-7, at the Badr Oil Field after perforating the Abu Roash “F” formation and conducting a Diagnostic Fracture Injectivity Test.
Pierce told Proactive the company aims to double or triple its acreage position at the Badr Oil Field and potentially make acquisitions in the future. The next big catalysts for Tag Oil (TSX-V:TAO, OTCQX:TAOIF) are the sustained flow rate from the recently completed well and the drilling of a horizontal well.