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Tuesday, April 30, 2013
Tangiers Petroleum reported that the Ministry of Energy, Mines, Water and Environment in Morocco  granted the first extension period to its subsidiary DVM International and ONHYM for the Tarfaya Offshore permits. The company’s extension takes it to August 2014 and meets one of the key conditions for the Galp Energia farm-out agreement.
The company has been busy planning its first exploration well in Morocco and has issued a tender for the drilling rig. The site survey and Environmental Impact Statement have also been initiated.
The Tarfaya Offshore Block, which the company operates with a 75% stake, is comprised of eight contiguous permits covering an area of 11,281 sq km. The block contains multiple prospects and leads within Jurassic sediments as well as potential within the Tertiary, Cretaceous, and Triassic formations.
A joint working group has been established with Galp Energia as part of the transition plan to Galp Energia assuming operatorship. The purpose of the forming the group is to ensure that operations run smoothly with minimal delays in regard to the work program.
The program consists of preliminary geophysical mapping of the Assaka 3D seismic data by Tangiers which confirmed and delineated the Trident structure and upgraded the POS to 23%. The working group also finalized evaluation of the Assaka 3D seismic interpretation including maturation of the well location to test the Trident structure in an optimal location;
The new Assaka 3D seismic data covers the Trident, Assaka, and TMA prospects certified by ISIS Petroleum Consultants (ISIS) and Netherland, Sewell & Associates, Inc (NSAI). The La Dam prospect in the south of the Tarfaya Block is covered by a 580 sq km 3D seismic survey acquired in 2006 and reprocessed in 2011 by the company. The combined total best estimate gross unrisked original oil-in-place for the four Jurassic prospects in the Tarfaya block is 4,335 million barrels.
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