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.