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Friday, June 27, 2014
Tangiers Petroleum, a partner on the Tarfaya Offshore Block offshore Morocco, reported that the TAO-1 well was spud on June 26 using the Ralph Coffman jack-up rig. The well is located within a proven petroleum system, adjacent to the Cap Juby heavy oil discovery and has been designed to test up to three stacked objectives;, Assaka (Upper Jurassic), Trident (Middle Jurassic); and TMA (Lower Jurassic, contingent upon success at Trident/Assaka).
The secondary objective, Assaka, and the main objective at Trident are scheduled to be intersected within approximately 2 months. Contingent upon the results at Assaka and Trident, the Joint venture will then make a decision to deepen to the TMA objective. The well plan does not include flow testing.
Tangiers has a 25% participating interest in the Tarfaya Offshore Block, which is being operated by Galp Energia with a 50% interest. The remaining 25% interest is held by ONHYM, which is carried through the exploration phase.
Tangiers’ MD 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 license 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.”
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