LONDON--Tangiers Petroleum Ltd. (TPT.AU) said Monday a detailed
3D seismic program at its Tarfaya offshore block in Morocco,
confirms the trident prospect and secondary objectives at Assaka
and TMA potentially contain best estimate prospective resources of
750 million barrels of recoverable oil (100% basis) with a
geological chance of success of 23%.
MAIN FACTS:
-Under the farm-out agreement struck between Tangiers and
Portuguese major Galp Energia in December last year, Tangiers will
retain a 25% interest in the Tarfaya offshore block.
-Subject to approvals from the Moroccan Government for the
transaction, Galp will spend $41 million, including reimbursing
Tangiers $7.5 million for costs it has incurred.
-Galp will also fund an exploration well to target Trident and
secondary objectives Assaka and TMA.
-Shares in London at 0850 GMT down 1 pence, or 2.21%, at 22
pence valuing the company at 29.51 million pounds.
-Write to Ian Walker at ian.walker@dowjones.com
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