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Tangiers Petroleum positive on Oz and Moroccan prospects
2011 has been a very significant year for Tangiers Petroleum – the Company has delineated further, significant prospectivity across its portfolio of assets in Australia and Morocco.
Worldwide petroleum consultants, Netherland Sewell and Associates completed an independent evaluation of the prospective oil resources for the initial four Jurassic prospects (Trident, TMA, Assaka, and La Dam) in Tarfaya and validated the oil potential in these prospects with a combined best estimate unrisked prospective resource of 867 million barrels of oil.
In addition, the Company has added to its exploration portfolio two top Jurassic prospects Zeus and Little Zeus, which are located inboard of its four lower Jurassic prospects, and an additional three prospects in the lower cretaceous Tan Tan interval along with multiple additional leads.
In late 2011, the Company commenced a 3D Seismic Acquisition program in its offshore Tarfaya Block. The Company successfully completed acquisition of a 670 square kilometre 3D seismic survey over primary prospects Trident, TMA, and Assaka in early January 2012. The data results are expected during mid-2012.
The Company is looking to complete a farm-out arrangement for its Morocco and Australian permits during 2012 to finance its multi-well exploration campaign in those regions.
At 8:34am: (LON:TPET) share price was 0p at 31p
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