The ASX- and AIM-listed explorer said that operator GalpEnergia’s initial estimate was that it would cost $75 million to drill the Tao1 probe at the Tarfaya block, where Tangiers Petroleum holds a 25% stake.
Rowan's jack-up Ralph Coffman is due to spud Tao 1 in June. The Perth-based junior is only carried on the first $33million of the well’s budget and depending on the final cost of Tao 1 it couldbe short to the tune of up to $6 million.
