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Galp Mobilizes Rig To Drill TAO-1 Probe Off Morocco

|Includes: Galp Energia, SA (GLPEF), TNGRY

Tangiers Petroleum announced that the jack-up, Ralph Coffman, has set sail for the Galp Energia-operated TAO-1 exploration well in the Tarfaya Block off Morocco.

According to Tangiers, TAO-1 will test the Trident prospect and tag the Assaka and TMA objectives within structural closure of the Tarfaya Block. Drilling is expected to commence in Q2-2014.

Tarfaya Block ownership: Galp Energia (50%, operator), Tangiers (25%) and ONHYM (25%).

In Mar-2014, Galp Energia entered into a novation agreement to utilize the Ralph Coffman jack-up rig to drill the exploration well TAO-1 in the Tarfaya Block off Morocco.

In Oct-2013, Tangiers Petroleum reported Galp's plans to spud the exploration well TAO-1 in H1-2014.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.