Drilling updates, page-9

Hi,

Came across this summary which may have already been posted here, however, if it has I apologise.

A positive synopsis.

26 Jun 2014
Galp spuds TAO-1 well in Morocco
Tangiers Petroleum (Tangiers) has announced that drilling has begun on the Galp Energia-operated TAO-1 exploration well offshore Morocco. The ‘Ralph Coffman’ jack-up rig will test up to three stacked targets: Assaka in the Upper Jurassic; the main target Trident in the Middle Jurassic and will move on to TMA if the well is deemed a success. It is expected to take around two months to intersect the first two oil horizons. Tangiers owns 25% of the Tarfaya block that’s host to the TAO well, which 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 Cairn Energy and Genel Cap Juby heavy oil discovery. TAO-1 is the very definition of a company-maker, particularly when you consider the Tangiers has a market capitalisation of just under UK£28 million. 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.