The offshore Moroccan well operated by Portugal-based Galp Energia and drilled by Morocco-based Tangier Petroleum came up dry, the company announced Monday.
The TAO-1 well was drilled to a total depth of 3,518m MD, targeting a Middle Jurassic prospect, and didn’t encounter favorable reservoir quality, Tangier said Monday.
TAO-1 is located in the Tarfaya block off the west coast of Morocco.
The Assaka well, a secondary objective targeting Upper Jurassic deposits, was also dry.
Drilling operations targeting the primary and largest prospect Trident will continue as planned, Tangier said.
Tangiers said that success at Trident doesn’t depend on the results from Assaka and TAO-1.
TAO-1 will be plugged and abandoned.
The data will be used to assess the prospectivity of the Tarfaya Offshore Block, Tangiers said.
The block is made up of eight contiguous permits covering an area of approximately 2.8 million acres (11,281 sq km).
Tangiers had estimated prospective reserves for Trident, Assaka and TAO-1 at 750 million barrels of recoverable oil with a geological chance of success of 23 percent.
Tangiers has a 25 percent participating interest in the Tarfaya Offshore block.
Galp owns a 50 percent stake in the block.
The Moroccan Office of Hydrocarbons and Mining owns the other 25 percent.
Shares of Tangier were down by more than four points Monday.