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Tangiers Petroleum says TAO-1 plugged and abandoned after disappointing result

Offshore Morocco well was targeted at the Trident prospect in carbonates of Middle Jurassic age but did not encounter favourable reservoir quality. 
Tangiers Petroleum says TAO-1 plugged and abandoned after disappointing result

Tangiers Petroleum (LON:TPET,  ASX:TPET) has confirmed the TAO-1 exploration well in the Tarfaya offshore block, Morocco was unsuccessful.

TAO-1 targeted  the Trident prospect in carbonates of Middle Jurassic age. The well was drilled to a total depth of 3,518m MD and did not encounter favourable reservoir quality, said the company.

Tangiers had already announced that Assaka, the secondary objective in the Upper Jurassic, failed to hit anything.

TAO-1 well will now be plugged and abandoned and the data used to assess the prospectivity of the Tarfaya Offshore Blocks I - VIII.

Dave Wall, Tangiers’ managing director,  said: "The company is disappointed that success was not achieved at TAO-1 and we wish to thank our shareholders for their support over the recent challenging period.

“Tangiers board and management remains firmly focused on creating value for shareholders and look forward to providing updates on New Ventures initiatives in the not too distant future."

Tangiers had a 25% stake in TAO-1, where Galp Energia with a 50% stake was the operator. The remaining 25% is held by ONHYM (Morocco's National Office of Hydrocarbons and Mines).

Tangiers shares were trading sharply lower as trading resumed following their suspension last Thursday ahead of the announcement of the TAO-1 result.

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