Tangiers Petroleum Limited has advised that drilling of the exploration well TAO-1 off the Moroccan Atlantic coast is on track to begin in mid-late June, with the Ralph Coffman jack-up rig now mobilised.
The TAO-1 well is a potential company-maker for Tangiers with 190 million barrels of net best estimate unrisked prospective resource (gross unrisked best estimate 758 million barrels)
Tangiers has a 25 percent participating interest in the Tarfaya Offshore Block, which is being operated by Galp Energia who has a 50 percent interest. The remaining 25 percent interest is held by ONHYM (Morocco’s National Office of Hydrocarbons and Mines), who are carried through the exploration phase.
The TAO-1 well is located within a proven petroleum system, adjacent to the Cap Juby oil discovery, and is targeting three stacked objectives.
Tangiers Managing Director, Dave Wall , said he believed TAO-1 was a highly attractive prospect for Tangiers’ shareholders.
“It is a very large structure located in shallow water within a proven play fairway and adjacent to an existing oil discovery,” Wall said, “All the ingredients required for exploration success are present in the region, giving Tangiers, and its shareholders, a good chance of success at TAO-1.”