$5 per share on success, page-28

Galp / TPT readies for exploration for morocco oil exploration well

http://www.oedigital.com/component/k2/item/5481-plexus-grows-north-africa-business

Oil and gas engineering services business Plexus Holdings has been awarded a contract with Galp Energia Tarfya to supply surface wellhead and mudline equipment services for an exploration well offshore Morocco.

At its March capital markets day, Galp said its scheduled drilling program for 2014 includes the drilling of 7-9 exploration and appraisal wells, including one exploration well to be drilled in the Trident oil prospect in Morocco.

Trident is in the Tarfaya offshore area, in which Galp Energia signed a farm-in agreement, taking a 50% stake and operatorship, in 2012. The area includes eight exploration permits, known as Tarfaya Offshore I to VIII, covering 11,281sq km, on the Atlantic Margin, offshore Morocco, in less than 200m water depth.

According to Galp, the Tarfaya offshore permits are located in an under-explored area and within a proven petroleum system, containing multiple prospects and leads within Jurassic and Cretaceous sediments, as well as emerging potential within the Tertiary and Triassic formations. The already identified prospects in the Tarfaya offshore area include Assaka, Trident, Tarfaya Marin-A (TMA) and La Dam.

Plexus will supply its 18-3/4in. POS-GRIP surface wellhead and mudline systems for use on a standard pressure 6000 PSI exploration well.