Operationally, key activities in the three months has been planning for its first exploration well offshore Morocco on the Tarfaya block and the tender process for the rig has started, it added
Tangiers Petroleum has been assessing new ventures in “several” African countries in the quarter to end March, it said, releasing a quarterly report.
“This has included farm-in opportunities both onshore and in shallow offshore waters in a number of prospective basins. Potential corporate deals are also being considered,” it said in the statement.
Operationally, key activities in the three months have been planning for its first exploration well offshore Morocco on the Tarfaya block and the tender process for the rig has started, it added.
In addition, a joint working plan has been set up with Galp Energia as part of the plan towards Galp Energia assuming operatorship.
Another highlight of the quarter for the licence, in which the firm holds a 75% stake, was first results, which have identified a number of potential source rocks along with two oil stained samples which warrant further analysis.
For the three months, the firm recorded a net cash outflow of A$1.421 million, while at the end of the quarter, it had net cash reserves of A$2.7 mln, excluding the US$3 million bank guarantee in Morocco.