Petroleum Africa
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Friday, May 2, 2014
Tangiers Petroleum Ltd. and Galp are set to spud the TAO-1 well offshore Morocco next month, having secured final approval from ONHYM of Galp’s farm in on the Tarfaya Offshore Block. The signing of the amended and updated association contract by ONHYM satisfied the final condition precedent under the farm-out agreement.
Under the agreement, Galp is now due to reimburse Tangiers $7.5 million for back costs. In addition, the $3 million bank guarantee currently held in Morocco will be returned to Tangiers. These funds will help meet Tangiers’ 33% share of any costs incurred in drilling the TAO-1 well in excess of the $33 million allowed for under the free-carry terms of the well.
Tangiers’ MD David Wall said the signing of the association contract marked the start of an exciting new chapter for the company. “The TAO-1 well is a potential company-making opportunity so we are delighted that the final approval has been granted and that the well is on track to be spudded next month,” Wall said. Tangiers has a 25% stake in the Tarfaya Offshore Block.
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