Tangiers Petroleum Limited has advised that drilling of the exploration well TAO-1 off the Moroccan Atlantic coast is on track to start 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).
The estimated quantities of petroleum that may be potentially recovered by the application of a future development project relate to undiscovered accumulations. These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal and evaluation is required to determine the existence of a significant quantity of potentially movable hydrocarbons.
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,” said Tangiers Managing Director, Dave Wall .
“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.”