HONG KONG, July 28, 2023 /CNW/ - A. Alshinbayev reports that, on July 18, 2023, he acquired ownership and control of 13,006,500 common shares (the "Common Shares") of TAG Oil Ltd. ("TAG") by way of a dividend in-kind from YF Finance Limited ("YFF"). The acquisition did not take place through the facilities of any stock exchange or any other marketplace.

Immediately prior to the acquisition, Mr. Alshinbayev owned 16,988,000 Common Shares, representing approximately 10.96% of the then issued and outstanding Common Shares of TAG on a non-diluted basis. Following the acquisition, Mr. Alshinbayev owns and exercises control over an aggregate of 29,994,500 Common Shares, representing approximately 19.35% of the issued and outstanding Common Shares of TAG on a non-diluted basis.

Mr. Alshinbayev's acquisition of the Common Shares was solely for investment management purposes. Mr. Alshinbayev may take actions in the future in respect of his security holdings in TAG based on the then existing facts and circumstances, which actions could include, without limitation, acquisitions or dispositions of Common Shares, whether in the open market, by privately negotiated agreement or otherwise.

An early warning report relating to the transactions contemplated hereby will be filed on the System for Electronic Document Analysis and Review ("SEDAR") under TAG's profile and can be viewed at www.sedarplus.com.

SOURCE Askar Alshinbayev

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