The Tarfaya Block, offshore Morocco, is comprised of 8 contiguous permits covering an area of 15,041 square kilometres (approximately 3.7 million acres) and is situated approximately 600 kilometres southwest of Morocco’s capital Rabat, inshore from the Canary Islands on Morocco’s Atlantic Margin. The Block contains multiple prospects and leads within the Jurassic and Cretaceous sediments as well as emerging potential within the Tertiary and Triassic Formations.
The company has recently awarded the 677 km2 Assaka 3D seismic processing project to CGG Veritas. The processing programme commenced in early June with completion expected in late October.
The Assaka 3D survey encompasses three of the Tarfaya Block’s primary prospects, Trident, TMA, and Assaka, which have been independently assessed by ISIS and NSAI to have a combined best estimate unrisked prospective resource of 758 million barrels of oil. The four primary prospects certified thus far by ISIS and NSAI within the Tarfaya Block now all have been covered with 3D seismic. The La Dam prospect with a best estimate unrisked prospective resource of 110 million barrels of oil has previously been covered by a 580 km2 3D seismic survey acquired in 2006 and reprocessed in 2011.
The Company continues to focus exploration efforts towards maturing multiple leads identified within the shallower Lower Cretaceous Sands and Upper Jurassic dolomite horizons. Leads have also been identified in the underlying Triassic section as well.
Schlumberger-WesternGeco has completed seismic AVO analysis on selected reprocessed 2D seismic lines through the “flat spot” anomaly identified in the mid Tan-Tan Formation. Results of the 2D simultaneous inversion work on the lines indicate that there are zones of high porosity and hydrocarbon indicators at two levels within the Cretaceous.
Rock properties utlised for the AVO analysis are to be incorporated into further simulation evaluation of the Cretaceous Sands. The Jurassic carbonates will be examined for AVO anomalies as a continuation of this work within the next quarter.
Once the Cretaceous mapping programme is complete and prospects confirmed they will be submitted to an independent petroleum consultant in order to provide a prospective resource estimate. Attention will then shift to evaluating the potential of the Tertiary and Triassic age sections.
Macquarie Capital (Europe) has been engaged to manage the farm-out process for Tarfaya. The objective is to secure potential farminee partner(s) and thus expedite the Tarfaya Block exploration programme, specifically regarding the commencement of an exploration drilling campaign during 2013.
A physical dataroom was opened in London during the quarter with management presentations provided during June. The potential farminee partner(s) have been provided access to all seismic data, Independent Resource and Competent Person’s Reports, and all available well data relating to the Tarfaya Block. Macquarie also serves in the capacity of financial advisor for the project.