The Moroccan National Office of Hydrocarbons and Mines has approved the farm-out agreement between Galp and Tangiers Petroleum.
Galp is now on track to drill the TAO-1 well off the Moroccan coast in June.
The signing of the amended and updated association contract was the final condition under the farm-out agreement.
Under the agreement Galp will now pay Tangiers $7.5 million for back costs and another $3 million guarantee held in Morocco will be returned for Tangiers.
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