Australia-listed explorer Tangiers Petroleum identifies three new prospects on Tarfaya Block, off Morocco
The prospects, named Apollo, Hermes and Hercules, sit in the Lower Cretaceous Tan Tan intervals which, based on historic well data from the intervals, Tangiers believes are a series of stacked sand units with excellent reservoir qualities and expected porosities upwards of 25 per cent in the upper portion of the unit.
“The company believes that the resource potential of the Cretaceous section will rival that previously validated by Netherland, Sewell & Associates for the four Jurassic prospects, (Assaka, Trident, TMA, and La Dam),” Tangiers chairman Mark Ceglinski said.
The independent report on the four Jurassic prospects established an un-risked best estimate prospective resource of 867mn barrels of oil and a high side of almost five million barrels.
Tangiers will now continue the seismic interpretation of the Lower Cretaceous in order to mature a number of identified leads into prospect status.
Once interpretation of the Lower Cretaceous is completed an independent petroleum consulting group will be enlisted to assess the prospective resource volumes.
The Tarfaya Block covers eight permits totalling 15,041 sq km and lies on the Atlantic Margin, inboard from the Canary Islands.
