Junior explorer Tangiers Petroleum announced Monday that its Tarfaya well offshore Morocco could be "company making" after 3D seismic data confirmed a potential 750 million barrels of recoverable oil.
Tangiers reported that it has finished processing the seismic data, which confirmed the Trident prospects and secondary objectives at Assaka and TMA. These hold "best estimate" prospective resources of 750 million barrels of recoverable oil with a geological chance of success of 23 percent, according to the firm.
Under a farm-out agreement between Tangiers and Portuguese major Galp Energia in December 2012, Tangiers will retain a 25-percent interest in the Tarfaya offshore block (with Galp holding 50 percent and the Moroccan government 25 percent). The $41 million Galp is spending on the transaction includes a reimbursement of $7.5 million to Tangiers for costs already incurred, while Galp will also fund an exploration well to target Trident along with Assaka and TMA. The well is expected to be drilled before mid-2014.
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