News: Tangiers Petroleum hots up on spudding of offshore Morocco oil well

Tangiers Petroleum (ASX:TPT, LON:TPET) and its partners have spudded the TAO-1 exploration well offshore Morocco that will test up to three stacked targets that could host 758 million barrels of oil equivalent.

The Tangiers share price has been very active since mid May climbing 42% as investors climb aboard.

TAO-1 is located within a proven petroleum system and is next to Cairn Energy (LON:CNE) and Genel’s Cap Juby heavy oil discovery, where a 110 metre oil column was intersected.

This is encouraging given that TAO-1  is believed to be in a better position to find light oil, which is easier to extract and transport.

A thorough analysis of 3D and 2D seismic data as well as close inspection of the geology beneath the Atlantic Ocean was carried out to identify the drill site for TAO-1.

TAO-1 is expected to intersect the secondary objective, Assaka, and the main objective at Trident within two months.

A decision will then be made to deepen the well to the TMA objective.

Tangiers has a 25% interest in the Tarfaya Offshore Block while Galp holds 50%.

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