Sign up UNITED KINGDOM
Proactive Investors - Run By Investors For Investors

Tangiers Petroleum says Morocco drilling on track

Drilling began on June 26 and is targeting a huge hydrocarbon bounty of 758mln barrels of oil equivalent, or 190mln barrels net to the AIM and ASX-listed group.
Tangiers Petroleum says Morocco drilling on track

Tangiers Petroleum (ASX:TPT; LON:TPET) has provided the briefest of updates on the TAO-1 exploration well offshore Morocco, operated by Portuguese explorer Galp Energia.

It told investors: “No major operational issues have occurred to date and the well is expected to intersect the Assaka and Trident objectives within 60 days from spud, as previously announced.”

It gave no information as to the depth or the formation currently being drilled as TAO-1 has been designated a “tight well”, which means the data is being kept under wraps.

Drilling began on June 26 and is targeting a huge hydrocarbon bounty of 758mln barrels of oil equivalent, or 190mln barrels net to the AIM and ASX-listed group.

The TAO-1 well is located within a proven petroleum system and is next to the Cairn Energy and Genel Cap Juby heavy oil discovery.

The well is the very definition of a company-maker, particularly when you consider the Tangiers has a market capitalisation of just under £30mln.

A 110-metre oil column was discovered on Cap Juby; however, the crude was of the heavy variety, which is more difficult to extract and transport.

Tangiers believes, because of the geology of the area, that it has a much better chance than its neighbour of discovering lighter crude.

PhilW.jpg
Why Invest In 88 Energy ltd? Read More Here

Register here to be notified of future 88E Company articles
View full 88E profile

88 Energy ltd Timeline

Related Articles

14001937363_375e643da9_o.jpg
July 07 2016
Although output from its operation in Alberta, Canada, was hit by heavy rain in May and June, the exit rate was 500 barrels of oil a day – 100 barrels above target.
oilOnshore_5644486f291f4.jpg
November 12 2015
“Companies are cutting capital investment, but they are still also spending money,” reports chief executive Steve Snead.
Prime Minister David Cameron supports fracking in the UK, he is pictured at a IGas Energy shale well site.
March 16 2016
A 25% drop in production costs and oil sales above $60 are the obvious, somewhat cherry-picked highlights of 2015's financial results.

© Proactive Investors 2016

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.