Where Does Tangiers Petroleum Stand With Morocco Drill Program?
On the 26th of June, the Morocco-focused oil explorer, Tangiers Petroleum Ltd. (TPT.AU) started an offshore drill program in Morocco.
This drill program is expected to continue for an additional 60 days.
The core focus of this drill program is three stacked targets which are located within the Jurassic carbonate fairway including TMA, Assaka and Trident.
The Ralph Coffman jack-up rig is drilling the TAO-1 exploration well and it has been designed to test all three targets for oil with the final target test strongly dependent on the results from the first two targets.
The entire program has a budget of $73 million and Tangiers has a 25% interest in this well with a portion of the drilling costs partially covered.
Partnering with Tangiers is Portuguese energy firm Galp Energia (GALP.LB) who are covering the other 75% of costs.
Tangiers recently released a report showing that they have sufficient funds to cover costs and during the second quarter of the year, the company boosted its finances with net cash reserves of $13.73 million which also includes a $3 million bank guarantee.
Tangiers also increased its board by appointing a new chairman, Michael Evans, as well as a new non-executive director, Stephen Stanley.
On Wednesday, the Tangier’s stocks were trading at A$0.22 a share.