Vancouver, British Columbia--(Newsfile Corp. - October 21, 2026) - TAG Oil Ltd. (TSXV: TAO) (OTCQB: TAOIF) (FSE: T0P) ("TAG Oil" or the "Company") provides an update on the completion and production testing of its T-200 vertical well targeting the Abu Roash "F" ("ARF") reservoir at the Badr Oil Field ("BED-1") in Egypt's Western Desert, further to the Company's October 19, 2026 production testing update.

As previously reported, drilling and log data from T-200 confirmed an oil-bearing ARF reservoir with encouraging porosity and natural fracture development. The well was drilled in a naturally fractured area, identified by seismic data, where existing fractures may provide pathways for hydrocarbon flow. The ARF is a low-permeability carbonate reservoir. However, initial well unloading and testing indicated restricted flow, which may be associated with near-wellbore formation damage from the overbalanced drilling mud system used to maintain safe drilling conditions. This is a common occurrence caused by the invasion of drilling fluids into the formation.

The Company's next steps in the testing program will involve an acid wash, and an injectivity test, followed by a high-pressure acid stimulation. This treatment is expected to improve wellbore clean-up and restore communication with the reservoir and its natural fractures to facilitate hydrocarbon flow. The Company is currently analysing ARF drilling cuttings to develop an acid formula tailored to the reservoir's carbonate composition. Acid stimulation is a customary completion practice in carbonate reservoirs and has been required in relevant offset wells before production was established.

Following the treatment, the well will be re-tested; pressure and production performance will be monitored to establish a stabilized production rate and assess reservoir deliverability. The acid treatment and subsequent testing program are expected to take approximately two weeks.

Abby Badwi, Executive Chairman and CEO, said, “The drilling and log data from T-200 confirmed an oil-bearing ARF reservoir with encouraging porosity and natural fracture development interpreted in sections within the ARF with higher porosity readings. Acid treatments are a customary completion practice in carbonate reservoirs. Our immediate focus is to complete the planned treatment and re-test the vertical well. The results will determine reservoir deliverability and guide the optimal completion approach for the ARF, including the potential follow-up drilling next year of a short, fracture-stimulated horizontal leg.”

TAG Oil will provide a further update following completion of the stimulation and testing program. More information can also be found in the Company's updated corporate presentation available at www.tagoil.com.

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.

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 uncertainties affecting the business of TAG Oil. All estimates and statements that describe the Company's future operations, plans and objectives are forward-looking statements under applicable securities laws and necessarily involve risks and uncertainties. Forward-looking statements in this release include, but are not limited to, statements regarding the interpretation of drilling, log and seismic data from the T-200 well, including the presence of an oil-bearing ARF reservoir, porosity and natural fracture development, and the potential for natural fractures to provide pathways for hydrocarbon flow; the Company's interpretation of the T-200 well unloading and testing results, including the potential causes of restricted flow; the planned acid wash, injectivity test and high-pressure acid stimulation, and their expected effect on wellbore clean-up and communication with the reservoir and its natural fractures; the development of an acid formulation tailored to the ARF reservoir; the Company's plans to re-test the well and to monitor pressure and production performance to establish a stabilized production rate and assess reservoir deliverability; the expected duration of the acid treatment and testing program; the use of test results to guide the completion approach for the ARF, including the potential drilling of a fracture-stimulated horizontal leg next year; the production potential of the T-200 well; and the Company's plans to provide a further update. These forward-looking statements are based on assumptions the Company believes to be reasonable as of the date of this release, including, without limitation, assumptions regarding the accuracy of the Company's interpretation of drilling, log and seismic data and of the well unloading and testing results, the effectiveness of the acid wash and acid stimulation treatment and the suitability of the acid formulation, reservoir and pressure conditions being consistent with such interpretations, the experience of other wells in the area being relevant to the T-200 well, the availability of capital to fund future drilling, the timely performance of contractors and counterparties, the receipt and maintenance of all required regulatory approvals and permits, the availability of stimulation and testing equipment, services and personnel, stimulation and testing costs being consistent with budget, and the absence of material operational delays or interruptions. Log interpretations, including estimates of porosity and natural fracture development, and the Company's interpretation of the causes of restricted flow are preliminary, remain subject to further analysis and revision, and are not necessarily indicative of the presence of commercial quantities of hydrocarbons or of the well's future production rates or ultimate recovery. Results achieved in other wells in the area, including following acid stimulation, are not necessarily indicative of results that will be achieved at the T-200 well. There is no assurance that the acid stimulation treatment will be successful, that the T-200 well will flow oil to surface or produce at commercial rates, that the planned operations will be completed on the anticipated timeline, or that a horizontal leg will be drilled. 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.

Exploration for hydrocarbons is a speculative venture necessarily involving substantial risk. The Company's future success exploiting and increasing its current asset base will depend on its ability to develop its current properties and on its ability to discover and acquire properties or prospects that are capable of commercial production. However, there is no assurance that the Company's future exploration and development efforts will result in the discovery or development of additional commercial accumulations of oil and natural gas. In addition, even if further hydrocarbons are discovered, the costs of extracting and delivering the hydrocarbons to market and variations in the market price may render uneconomic any discovered deposit. Geological conditions are variable and unpredictable. Even if production is commenced from a well, the quantity of hydrocarbons produced inevitably will decline over time, and production may be adversely affected or may have to be terminated altogether if the Company encounters unforeseen geological conditions. The Company is subject to uncertainties related to the proximity of any resources that it may discover to pipelines and processing facilities. It expects that its operational costs will increase proportionally to the remoteness of, and any restrictions on access to, the properties on which any such resources may be found. Adverse climatic conditions at such properties may also hinder the Company's ability to carry on exploration or production activities continuously throughout any given year. References to "oil" in this release include crude oil and field condensate.

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Source: TAG Oil Ltd.