Tangiers firms up Tarfaya potential

Moroccan offshore: Tangiers estimates the Trident prospect and other secondary targets on the Tarfaya Block to hold up to 750 million barrels of recoverable oil

AFP/SCANPIX

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Josh Lewis

 04 February 2013 06:20 GMT

A 3D seismic survey has firmed up the potential of the Trident prospect on the Tarfaya Block off the coast of Morocco.

Australia’s Tangiers Petroleum announced on Monday that the seismic data confirmed the Trident prospect and secondary objectives at Assaka and TMA potentially contained up to 750 million barrels of recoverable oil with a geological chance of success of 23%.

Tangiers had previously stated that it estimated the Trident prospect to hold a gross prospective resource of 450 million barrels.

The Australian company recently struck a farm-out agreement with Galp Energia which will see the Portuguese player pick up a 50% operated stake in the Tarfaya Block.

Galp will spend $41 million, including…

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