Tangiers Petroleum Limited reported 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

Tags: Tangiers Petroleum Limited