Tangiers Petroleum Limited successfully concluded its Phase 1 deep seismic interpretation for its 90% owned Exploration Permits WA-442-P and NT/P81, located in the Southern Bonaparte Basin offshore Australia.

Undertaken by Schlumberger (WesternGeco), the interpretation resulted in the delineation of two significant anticlinal structures.

The four-way dip structural closures are located within the Devonian age interval below the Top Bonaparte seismic horizon and in part underlie the existing oil accumulations at Turtle and Barnett. Prospect names given to the structures are Nova for the shallow one and Super Nova for the deep one.

Mark Ceglinski, chairman of Tangiers Petroleum, commented: 'Tangiers is extremely excited to have the definition of new prospectivity in the WA-442-P and NT/P81 exploration permits, especially structures of this potential scale positioned partially beneath existing oil accumulations at Turtle and Barnett in the Southern Bonaparte Basin offshore.'

Tangiers is finalising work on the initial volumetric estimates, which should be ready for release shortly.

'This will vastly enhance our existing resource base in Australia and create opportunities to test multiple objectives in the Devonian and younger rocks with a single well penetration,' Mr Ceglinski said.

The Company will continue to devote efforts to identify additional prospects in the offshore Devonian section by mapping additional horizons over the next several months.

The Nova structure has a crest at approximately 3425m based on preliminary time to depth correlation and encompasses a closure area of 240 square kilometres. The Super Nova structure is deeper with the crest at 6085m and closure area of 232 square kilometres.

Tags: Tangiers Petroleum Limited