Tangiers troubles mount after Morocco failure

摘要

Troubled Tangiers Petroleum which failed in its bid to takeover Jacka Resources has now given up its only asset after Galp's failed well off Morocco in which it was a partner. Tangiers spent nearly US $19m on its 25% share of Galp's over-budget Trident well on the Tarfaya Offshore block in around 328ft (100m) of water. It completed last month but failed to encounter hy- drocarbons and Tangiers now only has $1.1m in cash left.