Published On: Mon, Feb 4th, 2013

Tangiers Petroleum: 3D Seismic Data Confirms Morocco’s Tarfaya Potential

offshore drilling 350 510f943bd326a Tangiers Petroleum: 3D Seismic Data Confirms Morocco’s Tarfaya Potential

By Samira Arabi

Morocco News Tribune


Oklahoma City, U.S.A — Tangiers Petroleum Ltd. revealed Monday 3D seismic data, which confirmed that the company will be making 750 million barrel potential at its Tarfaya offshore block in Morocco.

“The seismic data, which Tangiers has just finished processing,  confirms the Trident prospect and secondary objectives at Assaka and TMA potentially contain up to 750 million barrels of recoverable oil with a geological chance of success of 23 per cent,” according to Tangiers press release.

Tangiers, which had a farm out agreement with Portuguese major Galp Energia, will retain a 25% interest in the Tarfaya block.

Galp is supposed to reimburse Tangiers $7.5m for costs the latter has incurred.

“Subject to approvals from the Moroccan Government for the transaction, Galp will spend US$41 million, including reimbursing Tangiers US$7.5 million for costs it has incurred. Galp will also fund an exploration well to target Trident and secondary objectives Assaka and TMA. This is to be drilled before mid-2014,” the company added.

Tangiers is an ASX listed exploration company with two potentially world class oil and gas assets located in Morocco’s Tarfaya offshore block and Nova and Super Nova gas located offshore Northern Australia.