TAG Oil Raises $11.5M for Egypt Drills After Tullow's Production Surge

TAG Oil reported stable 84 bopd FY2025 production, $1.39M oil sales, and raised $11.5M via financing plus $3.2M from royalties to fund BED-1 and Southeast Ras Qattara development, extending evaluation to 2028. This caps a strong week for oil producers following Tullow Oil's Q1 2026 output of 43.4 kboepd—up from 40.4 kboepd in 2025—near-100% Ghana uptime, refinancing cutting interest by $50m/year to $125m, and $90/bbl realized prices (one cargo at $130/bbl). Tullow upgraded 2026 pre-financing cash flow to $260-365m, signaling sector liquidity boost if oil stays high.