Galp Rig Mobilized for Moroccan Drill

Galp Energia’s TAO-1 exploration well off the Moroccan Atlantic coast is a step closer to being drilled after the mobilization of the Ralph Coffman (375’ ILC) rig. Galp’s partner in the well, Tangiers Petroleum, announced Thursday that the rig has mobilized and is on track to commence drilling in mid-to-late June.

The TAO-1 well will target gross un-risked prospective resources of 758 million barrels held in three stacked objectives at the drilling location, which is in shallow water. The well is situated within a proven petroleum system, adjacent to the Cap Juby oil discovery.

Tangiers Managing Director Dave Wall commented in a company statement:

"It is a very large structure located in shallow water within a proven play fairway and adjacent to an existing oil discovery. All the ingredients required for exploration success are present in the region, giving Tangiers, and its shareholders, a good chance of success at TAO-1."

Galp is the operator of the TAO-1 well, holding a 50-percent stake, while Tangiers and ONHYM (Morocco’s National Office of Hydrocarbons and Mines) each hold 25-percent interests.

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