26 June 2014
TANGIERS PETROLEUM LIMITED
Drilling Commences at TAO-1 Well
Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) ("Tangiers" or the "Company")
is pleased to advise that the Ralph Coffman jack-up rig commenced drilling
operations at the TAO-1 exploration well, offshore Morocco on the 26th June
2014.
The TAO-1 well is located within a proven petroleum system, adjacent to the Cap
Juby heavy oil discovery and has been designed to test up to three stacked
objectives, Assaka (Upper Jurassic), Trident (Middle Jurassic) and TMA (Lower
Jurassic, contingent upon success at Trident/Assaka).
The secondary objective, Assaka, and the main objective at Trident are
scheduled to be intersected within approximately 2 months. Contingent upon the
results at Assaka and Trident, the Joint Venture will then make a decision to
deepen to the TMA objective. The well plan does not include flow testing.
The Company expects to make additional updates as appropriate during the course
of the drilling.
Tangiers has a 25 per cent participating interest in the Tarfaya Offshore
Block, which is being operated by Galp Energia with a 50 per cent interest. The
remaining 25 percent interest is held by ONHYM (Morocco's National Office of
Hydrocarbons and Mines), which is carried through the exploration phase.
Tangiers' Managing Director Dave Wall said "The spud of the TAO-1 represents a
significant milestone for Tangiers and is the culmination of a process that
began with licence award in 2009. The Company would like to thank shareholders
for their continued support and appreciates that many have been involved since
that time. We believe that we have one of the best exploration prospects to be
drilled by a junior explorer in recent times and look forward to sharing the
results of the drilling program in the near future."
About Tangiers Petroleum: Tangiers Petroleum is an Australian-based oil
explorer with assets offshore Morocco in shallow water. The Company is
scheduled to spud the high impact TAO-1 exploration well in mid-late June,
targeting best estimate net resource potential of 190mmbbl* of oil (gross
758mmbbl, TPT 25%).
Cautionary Statement: The estimated quantities of petroleum that may be
potentially recovered by the application of a future development project relate
to undiscovered accumulations. These estimates have both an associated risk of
discovery and a risk of development. Further exploration, appraisal and
evaluation is required to determine the existence of a significant quantity of
potentially movable hydrocarbons.
* Independently certified by NSAI as at 1 May 2011 - see NSAI Assessment of
Prospective Oil Resources, market announcement dated 27 May 2011.
The information in this announcement relating to estimates of prospective
resources is based on, and fairly represents, information and supporting
documentation prepared by, or under the supervision of, Mr Brent Villemarette.
Mr Villemarette is a full time employee of the Company with over 30 years
experience and is a member of the Society of Petroleum Engineers. Mr
Villemarette consents to the release of the information in this announcement
relating to estimates of prospective resources in the form and context in which
it appears. The estimates of prospective resources referred to in this
announcement are reported as at 1 May 2011 and were prepared using a
combination of the probabilistic and deterministic methods.
DAVE WALL
MANAGING DIRECTOR
Tangiers Petroleum Limited
Level 2, 5 Ord Street
West Perth WA 6005, Australia
Ph: + 61 8 9485 0990
www.tangierspetroleum.com
Contacts
RFC Ambrian Limited
As Nominated Adviser
Mr Oliver Morse / Ms Trinity McIntyre
+61 8 9480 2500
As Corporate Broker
Mr Charlie Cryer
+44 20 3440 6800
Mr Ed Portman (Media and Investor Relations - United Kingdom)
Tavistock Communications
+44 20 7920 3150
