TAG Oil Announces T-200 Well Reaches Total Depth and Reports Positive Abu Roash "F" Reservoir Log Results

BED-1 Concession in Egypt

Vancouver, British Columbia--(Newsfile Corp. - October 12, 2026) - TAG Oil Ltd. (TSXV: TAO) (OTCQB: TAOIF) (FSE: T0P) ("TAG Oil" or the "Company") is pleased to announce that its T-200 exploration well at the Badr Oil Field ("BED-1") in Egypt's Western Desert has reached final total depth at 4,160 metres, targeting the Abu Roash "F" ("ARF") reservoir.

Preliminary interpretation of drilling data, mud logs and wireline logs indicates the presence of an oil-bearing ARF reservoir, with encouraging porosity, hydrocarbon shows and evidence of natural fracture development.

The ARF interval, encountered between 4,102 and 4,160 metres, comprises 58 metres of limestone exhibiting good oil shows. Preliminary log interpretation indicates 14 metres of net oil pay, with average porosity of 8%, reaching up to 10%, and favourable permeability characteristics indicative of natural fractures.

TAG Oil intends to proceed immediately with completion and testing operations, with initial production test results expected later this month.

Abby Badwi, Executive Chairman and CEO, said, "Successful drilling and on-budget operations of T-200 is an important milestone for TAG Oil's BED-1 development program. The preliminary log and drilling data provide encouraging evidence of an oil-bearing ARF reservoir, including porosity, hydrocarbon shows and natural fracture development. We look forward to completing and testing the well to determine the well's production potential."

The Company 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.

For further information:

Abdel (Abby) Badwi, Executive Chairman and CEO

Email: [email protected]
Website: http://www.tagoil.com/

LinkedIn: https://www.linkedin.com/company/tag-oil-ltd

X: https://twitter.com/tagoilltd

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 preliminary interpretation of drilling data, mud logs and wireline logs from the T-200 well, including the presence of an oil-bearing ARF reservoir and estimates of net oil pay, porosity, permeability and natural fracture development; the Company's intention to proceed immediately with completion and testing operations; the anticipated timing of initial production test results; the production potential of the T-200 well; the significance of the T-200 well to the Company's BED-1 development program; and the Company's plans to report further results. 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 accuracy of preliminary log and drilling data interpretations, reservoir and pressure conditions being consistent with such interpretations, the timely performance of contractors and counterparties, the receipt and maintenance of all required regulatory approvals and permits, the availability of completion and testing equipment, services and personnel, completion and testing costs being consistent with budget, and the absence of material operational delays or interruptions. Preliminary log interpretations, including estimates of net pay, porosity and permeability, and the presence of hydrocarbon shows, are based on data acquired during drilling, remain subject to further analysis and revision, and are not necessarily indicative of the presence of commercial quantities of hydrocarbons or of the well's future production rates or ultimate recovery. 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. References to "oil" in this release include crude oil and field condensate.

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