By Ian Walker
LONDON--Shares in Tangiers Petroleum Ltd. (TPT.AU) fell a
further 68% in London on Monday as the stock resumed trading after
the company last week said it failed to find oil at the TAO-1 well
in the Tarfaya exploration block, offshore Morocco.
The dual Australia, London listed firm's shares have now fallen
about 75% since the company first announced last week that there
was no oil at the well, prompting it to halt trading in its shares
on both exchanges. At 1050 GMT they were down 68%, or 4.87 pence,
at 2.25 pence in London. Prior to the announcement on July 28 the
shares were trading at 9 pence.
The oil explorer said the TAO-1 well will now be plugged and
abandoned, and the results will be integrated into the regional
basin analysis by Tangiers and its co-venture partners, to further
evaluate and assess the prospects of the Tarfaya offshore blocks
I-VIII.
Tangiers owns a 25% stake in the Tarfaya block while Portuguese
energy firm Galp Energia (GALP.LB) acts as the operator.
Drilling at the TAO-1 exploration well started on June 26. The
well had been drilled to a total depth of 3,518 meters and didn't
encounter favorable reservoir quality, Tangiers said.
-Write to Ian Walker at ian.walker@wsj.com
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