TAG Oil Provides Update on Drilling Operations at BED-1 and SERQ Concessions

Vancouver, British Columbia--(Newsfile Corp. - May 14, 2026) - TAG Oil Ltd. (TSXV: TAO) (OTCQB: TAOIF) (FSE: T0P) ("TAG Oil" or the "Company") is pleased to report it has secured a drilling rig for the upcoming T-200 well at the Badr Oil Field ("BED-1") located in the Western Desert of Egypt. The Company anticipates starting drilling operations by the end of June 2026, subject to receipt of all required regulatory approvals.

The T-200 vertical well is planned to test the Abu Roash "F" formation in BED-1, a naturally fractured reservoir in the area where adjacent wells have encountered lighter gravity oil. The well is projected to reach a total depth of 4,250 meters and is anticipated to require approximately 60 days to drill and complete.

The Company has also been advised by the Egyptian National Petroleum for Exploration and Development Company (ENPEDCO) that additional exploration blocks have been included into the Southeast Ras Qattara Concession ("SERQ"), together with amendments to certain economic terms of the current concession agreement. As a result, the preliminary approval of TAG Oil's award has been withdrawn and will be resubmitted following enactment of the new law amending the current concession agreement terms.

TAG Oil's Executive Chairman and CEO, Abby Badwi, commented, "We are pleased to have secured a rig for the T-200 well at BED-1 and look forward to spudding by the end of June. While the revised process for SERQ impacts timing to start operations, we remain committed to progressing the project and will provide further updates when available."

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: [e-mail]
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 uncertainty affecting the business of TAG Oil. All estimates and statements that describe the Company's operations acquisition are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties. 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.

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