TAG Oil Reports Strong Financials and Operational Progress in Egypt

An announcement from TAG Oil ( (TSE:TAO) ) is now available.

TAG Oil has reported an operations update and financial results for the fiscal year ending December 31, 2024. The company achieved an average production of 130 barrels of oil per day from its wells in the Badr Oil Field, Egypt, and has completed construction improvements for better handling of crude oil. Financially, TAG Oil ended the year with C$6.6 million in cash and no debt, bolstered by the sale of its New Zealand royalty interest, which added US$2.2 million to its balance sheet. This additional liquidity is intended to support the 2025 capital program, including a joint venture to expedite the BED-1 drilling campaign.

Spark’s Take on TSE:TAO Stock

According to Spark, TipRanks’ AI Analyst, TSE:TAO is a Underperform.

TAG Oil’s overall stock score is low, primarily due to significant financial challenges, including negative profitability and cash flow issues. While technical indicators offer some neutral signals, the negative valuation metrics further weigh down the score, reflecting a cautious outlook for investors.

To see Spark’s full report on TSE:TAO stock, click here.

More about TAG Oil

TAG Oil is a Canadian-based international oil and gas exploration company focusing on operations and opportunities in the Middle East and North Africa.

YTD Price Performance: 7.14%

Average Trading Volume: 322,433

Technical Sentiment Signal: Buy

Current Market Cap: C$33.9M

Learn more about TAO stock on TipRanks’ Stock Analysis page.