11:22 AM EDT, 07/08/2024 (MT Newswires) -- TAG Oil ( TAOIF ) on Monday said it is continuing to produce oil and unload fracture fluid from the BED4-T100 (T100) horizontal well in the Badr-1 Oil Field in the Western Desert of Egypt, and has begun shipping the crude oil for further treating and handling.

The current T100 oil production is 400 barrels of oil per day, and associated gas-oil ratio is 150 standard cubic feet per barrel, the company said.

A newly installed jet pump system is designed to lift 600 barrels of fluid per day at peak efficiency and current fluid rates have fluctuated between 400 and 500 barrels per day, the company said. TAG Oil ( TAOIF ) is optimizing productivity of the T100 well by gradually increasing pump speed and reducing in-take pressure to reach the best stabilized production rate.

Total oil produced from T100 to date is in excess of 10,000 barrels.

TAG shares were last seen down $0.025, or 6.8% to $0.345 on the TSX Venture Exchange.

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