TANGIERS PETROLEUM LTD - ASX: TPT

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Description

Tangiers Petroleum Limited is an oil and gas exploration company listed on the Australian stock exchange (ASX). With activities in Africa and Australia.

Tarfaya Offshore Block, Morocco

The Tarfaya Block, offshore Morocco, includes eight permits totalling 15,041 square kilometres (approximately 3.7 million acres) situated on the Atlantic Margin, inshore from the Canary Islands. The block contains a number of potential plays which are common to the whole of the Northwest African coast.

The Tarfaya Offshore permits are underexplored. Only four wells have been drilled within the confines of the block, providing a drilling density of only one well per 3,760 square kilometres (about one well per 929,000 acres). Most of the wells drilled within and adjacent to the block were drilled in the 1960s, without the benefit of modern seismic techniques. The block is 23 kilometres (14 miles) west of the Cap Juby Oil Field. Combined with the existence of proven source rocks at both outcrop and in the subsurface, presents strong arguments for further exploration in the Tarfaya Offshore Block. Two multilevel prospects have been identified in the Jurassic carbonate sequences which are the same intervals that contain the oil trapped in the Cap Juby Oil Field. In addition, there is an unevaluated delta and delta front systems in the Early Cretaceous.

ATP 587, Queensland (DVM International 100%)

DVM has acquired the right to 100% working interest in of ATP 587 in anticipation of its formal grant, following a process of Native Title clearance and Environmental approval over the past two years. The permit acquisition was made from the previous joint venture partners who retain a small overriding royalty interest of 2.5%.

ATP 587 consists of twelve blocks to the west of the Thomson River, between Stonehenge and Jundah, southeast of Longreach, encompassing an area of approximately 946 sq km. The tenement is within the Eromanga Basin. The southeast of the tenement is underlain by the northeastern edge of the Cooper Basin which in turn overlies the Barcoo Trough of the Devonian Adavale Basin. The tenement is covered by regional seismic with local grids over all prospects.

Oil shows have been encountered in the Eromanga Basin section in several wells in the area and the Irriculla 1 well, drilled in 1997, is interpreted to have penetrated a reverse fault above a basal Jurassic sand which exhibited oil shows on the downthrown side. DVM believes there is a strong possibility of an oil accumulation in this sand on the upthrown side of the fault.

A second target to the south of Irriculla is the Cattle Creek Structure, with Eromanga sediments draping a faulted basement domal anticline.

TURTLE AND BARNETT OIL FIELDS

Geoscience Australia has identified three active petroleum systems in the Petrel Sub-basin and Londonderry High region.

The oil and gas-prone Milligans - Kuriyippi Petroleum System is sourced from marine mudstones within the inner Petrel Sub-basin. These mudstones were previously assigned to the Milligans Formation, but have since been shown to belong to the underlying Langfield Group.

The Hyland Bay Petroleum System on the Londonderry High is sourced from marine mudstones of the Hyland Bay Formation.

The Hyland Bay/ Keyling Petroleum System in the central Petrel Sub-basin is sourced from either pro-delta marine mudstones of the Hyland Bay Formation and/or shallow marine and coastal plain mudstones and coaly mudstones of the Keyling Formation.

Mine For

oil, gas

Location of operation(s)

Morocco, Western Australia, Queensland

Australian Basins

Cooper, Bonaparte

Address

Se 2, Mezzanine Floor, 35-37 Havelock St
WEST PERTH, WA, Australia

Phone

(61 8) 9478 5399

Email

Website

http://www.tangierspetroleum.com/

Last Updated

17/5/2011