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An update from TAG Oil ( (TSE:TAO) ) is now available.
TAG Oil has secured a petroleum services agreement with the Egyptian National Petroleum for Exploration and Development Company for the development of the unconventional Abu Roash ‘F’ reservoir in Egypt’s Western Desert. This agreement, following a competitive bidding process, allows TAG Oil to explore the reservoir’s potential using proven technologies, with the possibility of full-scale commercial development based on initial evaluation results. The deal marks a significant expansion of TAG Oil’s operations in Egypt, potentially enhancing its market position in the region.
Spark’s Take on TSE:TAO Stock
According to Spark, TipRanks’ AI Analyst, TSE:TAO is a Neutral.
TAG Oil’s overall stock score is primarily impacted by its poor financial performance, with persistent losses and negative cash flows posing significant risks. Technical analysis indicates bearish momentum, further weighing on the score. Valuation metrics are unfavorable, with a negative P/E ratio and no dividend yield.
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.
Average Trading Volume: 200,298
Technical Sentiment Signal: Sell
Current Market Cap: C$20.38M
See more data about TAO stock on TipRanks’ Stock Analysis page.