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Tangiers Petroleum Obtains Extended Structural Closure Over Zeus

Wednesday, September 7, 2011
  • Latest seismic interpretation over the Zeus and Little Zeus Prospect has appreciably extended the area of the mapped closure of Zeus at the primary objective Top Jurassic dolomite interval
  • An additional 6 prospects have been mapped at this horizon across the Tarfaya block

Tangiers Petroleum Limited (ASX: TPT) today announced that the latest 2-D seismic interpretation over the Zeus Prospect has produced a significantly larger structural closure than previously mapped.

Highlights

  • Latest seismic interpretation over the Zeus and Little Zeus Prospect has appreciably extended the area of the mapped closure of Zeus at the primary objective Top Jurassic dolomite interval
  • An additional 6 prospects have been mapped at this horizon across the Tarfaya block
  • With a high side of approximately 1030 square kilometres closure at Zeus, the broad anticlinal structure is interpreted to be larger than each of Tangiers Petroleum's four previously identified prospects (Trident, TMA, Assaka, and La Dam)
  • Total area covered by the eight prospects is approximately 1640 square kilometres
  • The largest of the four prospects in the underlying Jurassic section is Trident, which was assessed by global petroleum consultants, Netherland Sewell and Associates Inc. (NSAI) to have an unrisked best estimate prospective resource of 423 million barrels of oil
  • NSAI will be engaged to produce an independent probabilistic evaluation of prospective resources for Zeus, Little Zeus, and the additional six prospects at the Upper Jurassic
  • In addition, multiple leads recognized within shallower Lower Cretaceous intervals are being matured into prospects and prospective resource volumes will be determined in the upcoming months

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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