Morocco: Tangiers relinquishes Tarfaya Offshore after dry well

Tangiers Petroleum has opted to withdraw from the Tarfaya Offshore block, its sole asset, following the unsuccessful Tao-1 well. The company will either transfer its 25% stake to operator Galp Energia, or withdraw when the licence expires in February 2015. Tangiers said the well had gone over budget but it had paid its $18.56m share of the cost, leaving it with just A$1.25m in cash. The company was previously headed by former Woodside Energy vice president Eve Howell, who resigned in February amid opposition from a group of shareholders to a planned merger with Jacka Resources.