Tangiers rises as Morocco drilling begins
By Michelle McGagh | Thu, 26th June 2014
Tangiers rises as Morocco drilling begins
AIM-listed Tangiers Petroleum (TPET) has started drilling at the TAO-1 exploration well, offshore Morocco, which has previously been described as a “potential company maker”.
Shares in Tangiers moved up 3.12% to 14p on news that the Ralph Coffman jack-up rig had commenced operation.
The TAO-1 is located within a “proven petroleum system”, according to Tangiers, “and has been designed to test up to three stacked objectives; Assaka (Upper Jurassic), Trident (Middle Jurassic), and TMA (Lower Jurassic, contingent upon success of Trident/Assaka)”.
Tangiers managing director Dave Wall said: “The spud of the TAO-1 represents a significant milestone for Tangiers and is the culmination of a process that began with licence award in 2009.
“The company would like to thank shareholders for their continued support and appreciates that many have been involved since that time. We believe that we have one of the best exploration prospects to be drilled by a junior explorer in recent times and look forward to sharing the results of the drilling program in the near future.”
Last month, Tangiers saw its market capitalisation soar over £5.6 million after tipster site The Next Oil Rush plugged the TAO-1 site as a “potential company maker”.
Investor view
On the Interactive Investor discussion board, investors were enthusiastic about the start of the drilling.
‘vx1’ said: “Well at last we are out of the blocks – onwards and upwards. Still long and intend to wait for results as this is the best play in the region to date.”
‘tobytoby’ said: “Great, not a tight hole. Therefore we will get to know if they have encountered any hydrocarbons early on re Assaka before drilling down to Trident, which will be a good indicator for Trident potentially having hydrocarbons too – hopefully moveable oil.”
