Table of Contents Table of Contents 2 List of Tables 4 List of Figures 5 Company Snapshot 7 Key Information 7 Company Overview 7 TAG Oil Ltd., Valuation and Financial Data, 2011-2015 8 TAG Oil Ltd., Share Price Performance, 2011-2015 8 Share Price Performance, 2011-2015 8 Key Valuation Metrics, 2011-2015 9 TAG Oil Ltd., Production and Reserves Trends 10 Total Oil and Gas, Reserves and Production 10 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 10 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 12 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 14 Crude Oil/Liquids Production and Reserve 15 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 15 Crude Oil Production and Reserves By Country/Region, 2011-2015 16 Crude Oil/Liquids Reserve Changes, 2011-2015 18 Natural Gas Production and Reserve 19 Natural Gas Production and Reserve Trend, 2011-2015 19 Natural Gas Production and Reserves, By Country/Region, 2011-2015 20 Natural Gas Reserve Changes, 2011-2015 22 Total Crude Oil and Natural Gas Reserves Life Index 23 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 23 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 24 TAG Oil Ltd., E&P Costs Trends 26 Allocation of the Upstream Capital Expenditure 26 Upstream Capital Expenditure, 2011-2015 26 Exploration and Development Costs, By Country/Region, 2011-2015 27 Oil and Gas Cost Per boe, US$/boe 29 Oil and Gas Cost Per boe, US$/boe, 2011-2015 29 Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2011-2015 31 TAG Oil Ltd., Reserve Replacement Ratio 33 Oil and Gas Production Replacement Ratio 33 Oil and Gas Production Replacement Ratio, 2011-2015 33 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 35 TAG Oil Ltd., Results of Oil & Gas Operations Trend 39 Oil and Gas Revenue and Expenses 39 Oil and Gas Revenue and Expenses, 2011-2015 39 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 40 Oil and Gas Revenue and Expenses, Per boe 45 Oil and Gas Revenue and Expenses, By boe, 2011-2015 45 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 46 Oil and Gas Performance Metrics 50 TAG Oil Ltd., Land Holdings and Well Data 51 Developed and Undeveloped Acreage 51 Gross and Net Developed and Undeveloped Acreage, 2011-2015 51 Gross and Net Developed and Undeveloped Acreage, By Country/Region, 2011-2015 52 Well Statistics 54 Producible Oil and Gas Well, 2011-2015 54 Producible Oil and Gas Well, By Country/Region, 2011-2015 55 Exploration and Development Wells Drilled, 2011-2015 59 Recent Developments 60 TAG Oil Ltd. - Recent Developments 60 Apr 14, 2016: TAG Oil Announces FY2017 Capital Budget And Guidance 60 Apr 07, 2016: TAG Oil Announces Appointment Of Chief Financial Officer 61 Apr 07, 2016: TAG Oil Provides Preliminary Year End Results 62 Mar 22, 2016: TAG Oil Provides Operations Update 62 Mar 03, 2016: Tag Oil Announces Henrik Lundin As Chief Operating Officer And David Bennett As Technical Director 63 Feb 17, 2016: TAG Oil Reports Q3 Results 63 Dec 18, 2015: TAG Announces Election Of Board Of Directors And Provides Operations Update 66 Nov 16, 2015: TAG Oil Reports Increased Cash Position In Q2 Results 66 Oct 22, 2015: East West Petroleum Announces Romania And New Zealand Operational Update 69 Oct 14, 2015: TAG Oil Reports A Reduction In Forward Guidance And Reduced Capital Spending 70 Appendix 72 Methodology 72 Coverage 72 Secondary Research 72 Primary Research 72 Data Information Sources 73 Company Source 73 SEC/Other Regulatory Filings 73 Other Sources 73 Expert Panel Validation 73 Data Definition 73 Oil and Gas Reserves 73 Units of Measure 74 About GlobalData 74 Disclosure 74 Disclaimer 74

List of Tables Table 1: TAG Oil Ltd., Key Facts 7 Table 2: TAG Oil Ltd., Share Price Performance, 2011-2015 8 Table 3: TAG Oil Ltd., Key Valuation Metrics, 2011-2015 9 Table 4: TAG Oil Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 11 Table 5: TAG Oil Ltd., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 13 Table 6: TAG Oil Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 14 Table 7: TAG Oil Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 15 Table 8: TAG Oil Ltd., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 17 Table 9: TAG Oil Ltd., Crude Oil Reserve Changes, mmbbl, 2011-2015 18 Table 10: TAG Oil Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 19 Table 11: TAG Oil Ltd., Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 21 Table 12: TAG Oil Ltd., Natural Gas Reserve Changes, bcf, 2011-2015 22 Table 13: TAG Oil Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 23 Table 14: TAG Oil Ltd., Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 25 Table 15: TAG Oil Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 26 Table 16: TAG Oil Ltd., Exploration and Development Costs, By Country/Region, US$ mil, 2011-2015 28 Table 17: TAG Oil Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 30 Table 18: TAG Oil Ltd., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2011-2015 32 Table 19: TAG Oil Ltd., Oil and Gas Production Replacement Ratio, %, 2011-2015 33 Table 20: TAG Oil Ltd., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 38 Table 21: TAG Oil Ltd., Revenue and Expenses, US$ mil, 2011-2015 39 Table 22: TAG Oil Ltd., Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 44 Table 23: TAG Oil Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 45 Table 24: TAG Oil Ltd., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 49 Table 25: TAG Oil Ltd., Oil and Gas Performance Metrics, 2011-2015 50 Table 26: TAG Oil Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 51 Table 27: TAG Oil Ltd., Land Holdings (Developed and Undeveloped Acreage), By Country/Region, Acres, 2011-2015 53 Table 28: TAG Oil Ltd., Producible Oil and Gas Wells, 2011-2015 54 Table 29: TAG Oil Ltd., Producible Oil and Gas Wells, By Country/Region, 2011-2015 58 Table 30: TAG Oil Ltd., Exploratory and Developed Wells, 2011-2015 59 List of Figures Figure 1: TAG Oil Ltd., Share Price Performance, CAD/Share, 2011-2015 8 Figure 2: TAG Oil Ltd., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 9 Figure 3: TAG Oil Ltd., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 10 Figure 4: TAG Oil Ltd., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 12 Figure 5: TAG Oil Ltd., Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 12 Figure 6: TAG Oil Ltd., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 14 Figure 7: TAG Oil Ltd., Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 15 Figure 8: TAG Oil Ltd., Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 16 Figure 9: TAG Oil Ltd., Oil Production, By Country/Region, mmbbl, 2011-2015 16 Figure 10: TAG Oil Ltd., Crude Oil Reserve Changes, mmbbl, 2015 18 Figure 11: TAG Oil Ltd., Natural Gas Production and Reserves Metrics, bcf, 2011-2015 19 Figure 12: TAG Oil Ltd., Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 20 Figure 13: TAG Oil Ltd., Gas Production, By Country/Region, bcf, 2011-2015 20 Figure 14: TAG Oil Ltd., Natural Gas Reserve Changes, bcf, 2015 22 Figure 15: TAG Oil Ltd., Oil and Gas Reserves Life Index, Years, 2011-2015 23 Figure 16: TAG Oil Ltd., Gas Reserve Life Index, By Country/Region, Years, 2011-2015 24 Figure 17: TAG Oil Ltd., Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 24 Figure 18: TAG Oil Ltd., Oil Reserve Life Index, By Country/Region, Years, 2011-2015 25 Figure 19: TAG Oil Ltd., Upstream Capital Expenditure, US$ mil, 2011-2015 26 Figure 20: TAG Oil Ltd., Development Costs, By Country/Region, US$ mil, 2011-2015 27 Figure 21: TAG Oil Ltd., Exploration Costs, By Country/Region, US$ mil, 2011-2015 27 Figure 22: TAG Oil Ltd., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2011-2015 29 Figure 23: TAG Oil Ltd., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 31 Figure 24: TAG Oil Ltd., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 31 Figure 25: TAG Oil Ltd., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2011-2015 32 Figure 26: TAG Oil Ltd., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 33 Figure 27: TAG Oil Ltd., 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 35 Figure 28: TAG Oil Ltd., 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 35 Figure 29: TAG Oil Ltd., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 36 Figure 30: TAG Oil Ltd., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 36 Figure 31: TAG Oil Ltd., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 37 Figure 32: TAG Oil Ltd., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 37 Figure 33: TAG Oil Ltd., Revenue and Expenses, US$ mil, 2011-2015 39 Figure 34: TAG Oil Ltd., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 40 Figure 35: TAG Oil Ltd., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 40 Figure 36: TAG Oil Ltd., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 41 Figure 37: TAG Oil Ltd., Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 41 Figure 38: TAG Oil Ltd., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 42 Figure 39: TAG Oil Ltd., Production Costs, By Country/Region, US$ mil, 2011-2015 42 Figure 40: TAG Oil Ltd., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 43 Figure 41: TAG Oil Ltd., Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 45 Figure 42: TAG Oil Ltd., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 46 Figure 43: TAG Oil Ltd., Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 46 Figure 44: TAG Oil Ltd., Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 47 Figure 45: TAG Oil Ltd., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 47 Figure 46: TAG Oil Ltd., Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 48 Figure 47: TAG Oil Ltd., Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 48 Figure 48: TAG Oil Ltd., Oil and Gas Performance Metrics, 2011-2015 50 Figure 49: TAG Oil Ltd., Land Holdings (Developed and Undeveloped Acreage), Acres, 2011-2015 51 Figure 50: TAG Oil Ltd., Total Gross Undeveloped Acreage, By Country/Region, Acres, 2011-2015 52 Figure 51: TAG Oil Ltd., Total Net Undeveloped Acreage, By Country/Region, Acres, 2011-2015 52 Figure 52: TAG Oil Ltd., Producible Oil and Gas Wells, 2011-2015 54 Figure 53: TAG Oil Ltd., Gross Productive Gas Wells, By Country/Region, Number, 2011-2015 55 Figure 54: TAG Oil Ltd., Gross Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 55 Figure 55: TAG Oil Ltd., Gross Productive Oil Wells, By Country/Region, Number, 2011-2015 56 Figure 56: TAG Oil Ltd., Net/Gross Oil & Gas Ratio, By Country/Region, %, 2011-2015 56 Figure 57: TAG Oil Ltd., Net Productive Gas Wells, By Country/Region, Number, 2011-2015 57 Figure 58: TAG Oil Ltd., Net Productive Oil & Gas Wells, By Country/Region, Number, 2011-2015 57 Figure 59: TAG Oil Ltd., Net Productive Oil Wells, By Country/Region, Number, 2011-2015 58 Figure 60: TAG Oil Ltd., Exploratory and Developed Wells, 2011-2015 59