Morocco: Polarcus Samur Commences 3D Seismic Survey for Tangiers Petroleum

Tangiers Petroleum Limited announces that it has taken the opportunity to accelerate its Moroccan exploration program.

The Company has reached agreement with Polarcus Samur Ltd to immediately commence an approximate 677 km2 3D seismic acquisition programme within its Tarfaya Block.

This campaign will further delineate the areal extent of the structures for 3 of Tangiers most significant prospects identified to date, Assaka, Trident, and TMA, while reducing the geologic risk for each of these prospects.

These three prospects have been assessed by independent global petroleum consultant Netherland, Sewell and Associates Inc (NSAI) to have combined unrisked best estimate prospective resources of 758 million barrels of oil with a high side case of 4.210 Billion barrels of oil.

The company already has 580 km2 of seismic over its La Dam prospect. Once the seismic data has been processed and interpreted it is expected to expedite the proposed future exploration drilling program in the Tarfaya Block.

The survey area exceeds the requirements of the Tarfaya Phase 1 work programme and the acquisition programme will also complete the Tarfaya Phase 1 work commitment, significantly ahead of schedule.

Mark Ceglinski, Chairman of Tangiers Petroleum, commented, “Tangiers is excited about having reached an agreement to fast track the acquisition of a 3D seismic program over such important assets as the Assaka, Trident, and TMA prospects. This will really accelerate Tangiers exploration efforts in Morocco, and enable us to drill our Billion Barrel prospects sooner.