Under the first agreement, Galp will become operator and take a 50% interest in the Tarfaya offshore area which covers eight exploration permits on the Atlantic Margin.
In exchange the Portuguese company will spend US$41 million, including back costs and the drilling of an exploration well.
Tangiers said it was expected the well would be spudded before mid-2014 and would fulfil the work programme for the first extension period of the Tarfaya area.
It
