02:17 PM EST, 12/17/2024 (MT Newswires) -- Tag Oil ( TAOIF ) on Tuesday said it appointed Abdel Badwi as executive chairman and chief executive officer as former CEO Toby Pierce left the company to pursue other business opportunities.

Badwi relocated to Cairo, Egypt, last May, where he has now recruited a skilled technical and operating team consisting of experienced Egyptian nationals. He will continue to oversee Tag Oil's ( TAOIF ) business from Cairo.

Following the $6.8 million raised in its recent public offering and the relocation of the Canadian leadership team to Cairo, Tag Oil ( TAOIF ) will be eliminating several Canada based positions. This will significantly reduce general and administrative costs, the company said.

Tag Oil ( TAOIF ) was last seen up $0.005 to $0.145 on the TSX Venture Exchange.