Tangiers will hold a 25% interest in what could be a company-making well in shallow water off the Moroccan coast

Tangiers Petroleum advise that a detailed 3D seismic program has highlighted the significant upside for the Company at its Tarfaya offshore block in Morocco.

The seismic data, which Tangiers has just finished processing, confirms the Trident prospect and secondary objectives at Assaka and TMA potentially contain best estimate prospective resources of 750 million barrels of recoverable oil (100% basis) with a geological chance of success of 23 per cent, according to Tangiers.

Under the farm-out agreement struck between Tangiers and Portuguese major Galp Energia in December last year, Tangiers will retain a 25 per cent interest in the Tarfaya offshore block.

Subject to approvals from the Moroccan Government for the transaction, Galp will spend US$41 million, including reimbursing Tangiers US$7.5 million for costs it has incurred. Galp will also fund an exploration well to target Trident and secondary objectives Assaka and TMA.

Tags: Tangiers Petroleum Limited