The emphasis for much of Tangiers Petroleum’s (LON:TPET) April-to-June quarter was on corporate matters, with two separate farm-out deals now being finalised.
Operationally, planning work is currently underway for the group’s first exploration well in Morocco, on the Tarfaya offshore block, which is being referred to as TAO-1. The environmental preparation work has also now been contracted.
The preliminary well design for TAO-1 has now been prepared. Galp will take control of the programme as it completes its farm-in to the asset.
Meanwhile, in Australia, preparations are underway for a 3D seismic survey and appropriate vessels have been shortlisted.
In this morning’s quarterly update Tangiers revealed that exploration expenditure totalled A$168,000 during the three months to June 30, while the total net cash outflow was A$1.01mln.
Tangiers had A$1.7mln in cash at the end of the quarter, excluding a US$3mln bank guarantee, and upon completion of the Moroccan farm-out to Galp the company will receive US$7.5mln and the guarantee will be returned.
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Source: Tangiers Petroleum
