Tangiers Petroleum: TAO-1’s secondary target shows no hydrocarbons

Tangiers Petroleum’s (LON:TPET; ASX:TPT) TAO-1 exploration well in the Tarfaya block, offshore Morocco, has not found any hydrocarbons at its secondary target. The secondary objective, Assaka, was the shallowest target for TAO-1 and a full petrophysical evaluation of the objective will now be carried out.

Drilling operations continue as planned towards the primary and largest objective, Trident, Tangiers said.

“The TAO-1 exploration well has been designed to test Trident at its optimal location.”

“Tangiers’ interpret that success at Trident is not co-dependent on the results from Assaka,” the company added.

Tangiers has a 25% participating interest in the Tarfaya Offshore block; Galp Energia has 50% with the remaining 25% held by ONHYM (Morocco’s National Office of Hydrocarbons and Mines).

House broker RFC Ambrian expects the Trident objective will be reached within the next week or so.

Pre-drill, the well had a 21% chance of success, according to Galp, but RFC has now reduced its own prediction of the chance of success to 14%.

More details from the press release at: Proactive Investors webiste


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