Tangiers Petroleum announced this morning that they will abandon the TAO-1 exploration well in the Tarfaya offshore block in Morocco, after the prospecting results were deemed unsuccessful.
Dave Wall, Tangiers’ managing director, said that “the company is disappointed that success was not achieved at TAO-1 and we wish to thank our shareholders for their support over the recent challenging period.
“Tangiers board and management remains firmly focused on creating value for shareholders and look forward to providing updates on New Ventures initiatives in the not too distant future.”
It is worth reminding that Tangiers petroleum has a 25% interest in the Moroccan offshore block, while Galp Energia enjoys a 50% interest. The remaining 25% belongs to the Moroccan state through ONHYM (Moroccan National Office of Hydrocarbons and Mines).
Tangiers Petroleum abandoned as well earlier Foum Assaka after failing to discover commercial oil.
The Moroccan Times.
