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Wednesday, June 4, 2014
Tangiers Petroleum updated its progress in relation to its Moroccan operations, specifically on the Offshore Block. The company confirmed that the spud of the TAO-1 was imminent and the Ralph Coffman jack-up rig was successfully loaded onto the heavy lift vessel MV Transshelf on the May 25. The rig is currently on track for delivery on June 4.
The rig will undergo final checks and kitting out before being towed to site, where drilling is scheduled to commence on or about the June 15, in line with previous guidance for a mid-late June spud.
The TAO-1 well is a potential company-maker for Tangiers with 190 million barrels of net best estimate unrisked prospective resource (gross unrisked best estimate 758 million barrels).
Tangiers has a 25% participating interest in the block and Galp Energia is the operator with a 50% stake. ONHYM holds the remaining 25% on a carried basis through the exploration phase.
Dave Wall, the company’s MD said: “Tangiers would also like to thank investors for their support, through what has been a fast changing environment that has presented unique challenges, particularly in relation to funding. The Company is excited by the imminent drilling of the TAO-1 exploration prospect.”
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