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Tangiers putting finishing touches to Galp farm-out

Tangiers putting finishing touches to Galp farm-out

Tangiers Petroleum (LON:TPET) says its deal to farm the Tarfaya offshore block out to Portugal’s Galp Energia is nearing its conclusion.

The only condition that remains to be met is the signing of the joint order by Morocco’s energy and finance ministers, which has been delayed slightly by the resignation of the Minister of Energy.

“However, it is expected that the agreement will be approved shortly after the appointment of a new minister,” Tangiers said in a stock exchange statement.

Preparations for drilling the TAO-1 well continue, while Galp is moving forward with the environmental approvals and well planning with a view to spudding the well in the first half of 2014, Tangiers said.

It also revealed that the call for tenders for the acquisition of 500 square kilometres of 3D seismic data closed on September 13. The company will award the contract in the coming weeks after evaluating the candidates.

The company is on the hunt for new exploration opportunities, but said that so far it has not found any that have satisfied its criteria.

The company told investors: “The board believes that it is important to take the time needed to secure the right growth asset for your company. 

“That said, we can assure you that extensive efforts are being made to identify and examine as many opportunities as possible. We look forward to updating you on this process when the right opportunity emerges.”

Shares dipped 2.3% to 12.7p each.

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