Proactive Investors UK
By Jamie Ashcroft
Tangiers is fully funded for the drill programme – the well has an estimated “dry-hole, trouble free” cost of US$73mln
Tangiers Petroleum(LON:TPET, ASX:TPT) expects the TAO-1 exploration well offshore Morocco to spud on or around June 15.
The potential “company maker” well is targeting 190mln barrels of prospective resources, and is being drilled in area with a proven petroleum system.
It told investors that it is now fully funded for the drill programme – the well has an estimated “dry-hole, trouble free” cost of US$73mln.
This comes after Tangiers raised an additional US$4mln through a share placing. It also confirmed that it is about to receive a returned US$3mln bank guarantee and US$7.5mln of back costs, resulting from the farm-out deal which brought in Galp as the project operator.
“Tangiers would like to thank investors for their support, through what has been a fast changing environment that has presented unique challenges, particularly in relation to funding,” said managing director Dave Wall.
“The company is excited by the imminent drilling of the TAO-1 exploration prospect.”
Tangiers has a 25% stake in the TAO well, whilst GALP has 50% and Morocco’s national oil company ONHYM has 25%, though its costs are carried through the exploration phase.
