Tangiers Petroleum: 3D Seismic data confirms Tarfaya potential

2/4/2013

Tangiers Petroleum: 3D Seismic data confirms Tarfaya potential

BY IAN WALKER

LONDON -- Tangiers Petroleum said a detailed 3D seismic program at its Tarfaya offshore block in Morocco, confirms the Trident prospect and secondary objectives at Assaka and TMA potentially contain best estimate prospective resources of 750 MMbbl of recoverable oil (100% basis) with a geological chance of success of 23%.

Under the farm-out agreement struck between Tangiers and Galp Energia in December last year, Tangiers will retain a 25% interest in the Tarfaya offshore block. Subject to approvals from the Moroccan Government for the transaction, Galp will spend $41 million, including reimbursing Tangiers $7.5 million for costs it has incurred. Galp will also fund an exploration well to target trident and secondary objectives Assaka and TMA.

Dow Jones Newswires

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