London South East
Alliance News
Tangiers Petroleum Says TAO-1 Drilling Off Morocco On Track
Mon, 14th Jul 2014
LONDON (Alliance News) – Tangiers Petroleum Ltd Monday said its drilling is on track at the TAO-1 exploration well off the Moroccan Atlantic coast.
The oil and gas explorer holds a 25% participating interest in the Moroccan Tarfaya Offshore Block, which is operated by Galp Energia with a 50% interest.
In a short update Monday, Tangiers said no major issues have happened to date, and the well is expected to hit its Assaka and Trident targets within 60 days of the start of drilling, as previously announced.
The well started being drilled in late June and targets best estimate net resource potential of 190 million barrels of oil, and gross 758 million barrels of oil.
In June, Tangiers Petroleum said that the cost of drilling the exploration well would be roughly USD73 million and that it was fully funded for its share of the costs.
Tangiers Petroleum shares were down 8.5% to 11.32 pence during early trading on Monday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
