Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) (“Tangiers” or the “Company”) provides the following update on the TAO-1 exploration well located in the Tarfaya Offshore Block, Morocco. The TAO-1 exploration well was designed to optimally test 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 at Trident. As previously reported by Tangiers, (28 July 2014), no hydrocarbon shows were encountered at Assaka the younger secondary objective in the Upper Jurassic. The TAO-1 well will now be plugged and abandoned in line with standard industry practice. The exploration results from TAO-1 will be integrated into the regional basin analysis by Tangiers and its co-venture partners to further evaluate and assess the prospectivity of the Tarfaya Offshore Blocks I – VIII. Please find attached a release made by the Operator, Galp Energia. Tangiers’ Managing Director, Dave Wall 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 focussed on creating value for shareholders and look forward to providing updates on New Ventures initiatives in the not too distant future.”
TPT Price at posting:
13.0¢ Sentiment: None Disclosure: Not Held
