Tangiers: No Hydrocarbons in Assaka Objective of TAO-1

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 section TD.

Drilling operations continue as planned towards the primary and largest objective, Trident. The TAO-1 exploration well has been designed to test Trident at its optimal location. Tangiers’ interpret that success at Trident is not co-dependent on the results from Assaka.

Press Release, July 28, 2014