Search results for: TAO-1 well

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  • 3 June 2014
    Business & Finance, Operations & Maintenance

    Tangiers Petroleum Limited has provided an update related to progress of its Moroccan operations. Fully Funded for Drilling of TAO-1 (dry hole case, trouble free) Tangiers has confirmed that the dry hole cost for the drilling of TAO-1, on a trouble free basis, is $73 m and in line with the previous estimate released to market. On […]

  • 1 May 2014
    Business & Finance, Operations & Maintenance

    Tangiers Petroleum Limited informed that the TAO-1 well off the Moroccan coast is on track to be spudded in June, with the Moroccan National Office of Hydrocarbons and Mines providing its final approval relating to the farm-out agreement between Tangiers and Galp Energia. The signing of the Amended and Updated Association Contract by the Moroccan National Office of Hydrocarbons […]

  • 22 May 2014
    Business & Finance, Operations & Maintenance

    Tangiers Petroleum Limited has advised that drilling of the exploration well TAO-1 off the Moroccan Atlantic coast is on track to start in mid-late June, with the Ralph Coffman jack-up rig now mobilised. The TAO-1 well is a potential company-maker for Tangiers with 190 million barrels of net best estimate unrisked prospective resource (gross unrisked best estimate 758 […]

  • 1 May 2014
    Business & Finance, Equipment, Project & Tenders

    Tangiers Petroleum Limited has announced that the TAO-1 well off the Moroccan coast is on track to be spudded in June, with the Moroccan National Office of Hydrocarbons and Mines providing its final approval relating to the farm-out agreement between Tangiers and Galp Energia. The signing of the Amended and Updated Association Contract by the Moroccan National Office of Hydrocarbons […]

  • 14 July 2014
    Business & Finance, Operations & Maintenance

    Tangiers Petroleum Limited provides an update on the drilling of the TAO-1 exploration well, located offshore Morocco. No major operational issues have occurred to date and the well is expected to intersect the Assaka and Trident objectives within 60 days from spud, as previously announced. As the well has been designated as “tight”, no information […]

  • 26 June 2014
    Business & Finance, Operations & Maintenance

    Tangiers Petroleum Limited  has advised 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 […]

  • 22 May 2014
    Business & Finance, Equipment, Project & Tenders

    Tangiers Petroleum Limited has advised that drilling of the exploration well TAO-1 off the Moroccan Atlantic coast is on track to begin in mid-late June, with the Ralph Coffman jack-up rig now mobilised.

  • 20 December 2013

    Tangiers Petroleum Limited  has informed that the Ministries of Energy and Finance in Morocco have officially approved the assignment of a 50 per cent interest in the Tarfaya Offshore Block from Tangiers to Galp Energia (Galp). Tangiers will maintain a 25 per cent interest in the Tarfaya Offshore Block. The signed Joint Order from the Ministries means Galp […]

  • 14 July 2014
    Business & Finance, Project & Tenders

    Tangiers Petroleum Limited has provided an update on the drilling of the TAO-1 exploration well,located offshore Morocco. No major operational issues have occurred to date and the well is expected to intersect the Assaka and Trident objectives within 60 days from spud, as previously announced. As the well has been designated as “tight”, no information related to […]

  • 3 June 2014
    Project & Tenders

    Tangiers Petroleum, with regards to the drilling campaign in Morocco today said  the dry hole cost for the drilling of TAO-1, on a trouble free basis, is ~US$73m and in line with the previous estimate released to market. On this basis, Tangiers is fully covered, for the drilling, by existing cash and receivables, including headroom for […]

  • 24 September 2014
    Business & Finance, Operations & Maintenance

    Tangiers Petroleum has finalised its financial obligations in relation to the drilling of the TAO-1 well, being a total of US$18.56 million. This has been funded by the Company’s cash position and leaves Tangiers with a cash balance of approximately $1.25m. The final cost of the TAO-1 well was in excess of the Company’s internal budget. This […]

  • 13 May 2014
    Project & Tenders

    Tangiers Petroleum Limited has resolved to place A$5 million worth of shares, before costs, through the private placement of 31.25 million shares to specified wholesale, institutional and sophisticated investors at A$0.16 per share (“Placement”) in Australia, the United Kingdom and Hong Kong.   The Placement will be completed in two tranches consisting of: • approximately 23.6 million shares issued […]

  • 29 November 2013
    Business & Finance, Operations & Maintenance

    Tangiers Petroleum Limited provides the following update relating to the Tarfaya Block in Morocco. The environmental approval process is progressing and the public review will be concluded in the next few weeks. The survey vessel has mobilised to offshore Morocco and is preparing to start the site survey over the proposed Tao-1 well location. Galp […]

  • 24 March 2014
    Business & Finance, Project & Tenders

    Tangiers Petroleum Limited has advised that the site survey has been completed at the location of the TAO-1 well, offshore Morocco, and is compatible for the use of a jack-up rig. A Novation Agreement has been entered into by Galp Energia on behalf of the joint venture partners to secure access to the Ralph Coffman Drilling Unit to […]

  • 29 November 2013

    Tangiers Petroleum Limited has announced that the environmental approval process for the Tarfaya Block in Morocco is progressing and the public review will be concluded in the next few weeks. The company said that the survey vessel has mobilised to offshore Morocco and is preparing to start the site survey over the proposed Tao-1 well location. Galp Energia, who […]

  • 26 June 2014
    Business & Finance, Project & Tenders

    Tangiers Petroleum Limited has advised that the Ralph Coffman jack-up rig started 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 […]

  • 24 September 2014
    Business & Finance, Project & Tenders

    Tangiers Petroleum Limited has advised that it has finalised its financial obligations in relation to the drilling of the TAO-1 well, located in the Tarfaya Offshore Block, Morocco, being a total of US$18.56m. This has been funded by the company’s cash position and leaves Tangiers with a cash balance of approximately A$1.25m. The final cost […]

  • 8 October 2013
    Business & Finance, Operations & Maintenance, Project & Tenders

    Tangiers Petroleum Limited (Tangiers) advises that it has terminated its Farm-out Agreement with CWH Resources Limited in relation to the offshore permits WA-442-P and NT/P81 (Permits) located in the Joseph Bonaparte Gulf, northern Australia. Tangiers terminated the agreement because CWH did not meet the deadline to satisfy the conditions precedent. These conditions precedent included Tangiers […]

  • 8 October 2013

    Tangiers Petroleum Limited (Tangiers) advises that it has terminated its Farm-out Agreement with CWH Resources Limited in relation to the offshore permits WA-442-P and NT/P81 (Permits) located in the Joseph Bonaparte Gulf, northern Australia.  Tangiers said it terminated the agreement because CWH did not meet the deadline to satisfy the conditions precedent. These conditions precedent included Tangiers obtaining from the […]

  • 28 July 2014
    Business & Finance

    Portugal’s energy company Galp Energia today reported its second quarter 2014 EBITDA of €271 m, down 11% YoY due to weak international refining environment and Sines refinery maintenance. The company’s net profit also experienced a plunge.   In the exploration and appraisal activities segment, Galp highlighted the start of drilling of the appraisal well Apollonia […]

  • 28 July 2014
    Business & Finance, Operations & Maintenance

    Tangiers Petroleum Limited provides the following update on the TAO-1 exploration well located in the Tarfaya Offshore Block, Morocco. The TAO-1 exploration well has intersected the shallowest and secondary objective, Assaka. Based on currently available information, no hydrocarbon shows have been encountered. A full petrophysical evaluation of the Assaka objective will be carried out at […]

  • 28 July 2014

    Tangiers Petroleum has provided the following update on the TAO-1 exploration well located in the Tarfaya Offshore Block, Morocco. The TAO-1 exploration well, operated by Galp, has intersected the shallowest and secondary objective, Assaka. Based on currently available information, no hydrocarbon shows have been encountered. A full petrophysical evaluation of the Assaka objective will be carried out at section TD. Drilling […]