Marrakech, Morocco: The Australian Oil Exploration Company Tangiers Petroleum Limited announced in a brief statement that its exploration well TAO-1 off the Atlantic coast of Morocco is on track.
The Oil and Gas Explorer holds a 25% interest in the Tarfaya block offshore Morocco, which is operated by Galp Energia with a 50%.
The well started to be drilled on June 26 and is the best resource potential with a clear approximation of 190 million barrels of crude oil.
In short information, Tangiers Petroleum stated there were no troubles and problems. The well is expected to obtain its goals within 60 days after the inauguration of drilling, according to the announcement.
Tangiers Petroleum averred that the cost of drilling would be about US $ 73 million and was fully funded by its shareholders in June 2014.
Pressure is building for an extensive and significant oil find as over 30 worldwide oil and gas exploration companies are exploring on and offshore in Morocco.
Although years of study, no significant oilfield has been found but boosted 3 and 2 D seismic procedures have given a far better proposal of geological features and to be expected new systems and hydrocarbon features.