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FARM-IN OPPORTUNITY – TARFAYA OFFSHORE BLOCK
MAY 2012
Farm-in Opportunity: Tarfaya Offshore Block4,335 MMbbls P50 STOIIP / 867 MMbbls P50 RecoverableTangiers Petroleum Limited (“Tangiers”) has engaged Macquarie Tristone to secure a co-venturer seekinga portion of its 75% interest in the shallow-water Tarfaya Offshore Block, offshore Southern Morocco.This divestiture will be by means of a leveraged work programme carry on one or more exploration wells
Summary
867* MMbbl recoverable at P50
4 primary Jurassic prospects
Volumes independently verified by NSAI Ltd
Tangiers’ Tarfaya Block Location
NSAI Ltd
Additional prospectivity in Cretaceous and Triassic reservoirs
1 commitment well by 2014, targeting multiple objectives
N 3D d t i d i 2012New 3D data acquired in 2012 over this area
15,041 km2 of acreage
3 of the 4 wells drilled have oil shows
* Total arithmetic addition of P50 prospective resources
Tangiers’Tarfaya Block
Prospect InventoryProspect Map
ProspectP50 Unrisked
STOIIP(MMbbls)
Trident 2,115
TMA 956
Assaka 718
Stacked horizons: potentially drilled with a single well
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 1
Assaka 718
La Dam 546
SUMMARY OF TANGIERS’ ACREAGE
AssetTangiers’
Operator Co-venturer StatusLicence Licence
AssetInterest
Operator Co venturer StatusStart Expiry
Tarfaya Permit
75% TangiersONHYM (25%*)
Exploration3 December
20093 December
2017
*Moroccan government, carried through to effective date of Exploitation Concession
Tarfaya Block has 4 primary prospects matured in proven Jurassic fairway
— Three prospects (Trident, TMA and Assaka) are stacked horizons
— Potentially drilled with a single well
— La Dam prospect is drill-ready
Overview
Many leads identified in the Cretaceous, Tertiary and Triassic
Newly acquired (2012) 3D data over largest prospects
— Will be processed by mid to late 2012
3 out of the 4 wells in the Block have hydrocarbon shows
Licence covers large area – 15,041 km2
Under-explored block with only 1 well per 3,760 km2
— Last well in the area was drilled in 1990 (last well on the permit drilled in 1984)
8 year permit term, 6 years remaining
Reprocessed 2D and 3D data (2011) also available
Benign environmental conditions for operations
Summary of Work Obligations
Water depth less than 200m
Excellent fiscal terms
Low sovereign risk
Morocco is net importer of oil and pays market price for oil
Length Work ProgrammeMinimum
Expenditure(‘000 US$)
Status
InitialReprocess 250 km existing 2D seismic
Work Complete
Summary of Work Obligations
Initial Period
2.5 Years Acquire & interpret 500 km2 3D seismic
Geological and Geophysical studies
$3,500Work Complete
Expires Aug. 2012
First Extension Period
2 Years Drill 1 well $20,000
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 2
Second Extension Period
3.5 YearsAcquire and interpret 500 km2 3D seismic
Drill 2 wells$40,000 +
seismic cost
VOLUMETRICS – PROSPECTS AND LEADSVolumetrics independently certified by NSAI (2011)
Prospects – In Place and Prospective Resources (MMbbls)
Key risk is reservoir presence /quality
Possibility of drilling Trident, TMA and Assaka prospects with one well
Prospects – In Place and Prospective Resources (MMbbls)
Unrisked STOIIP(MMbbls)
Unrisked Recoverable Oil(MMbbls)
Prospect P90 P50 P10 P90 P50 P10
Trident 853 2,115 5,273 85 423 2,109
TMA 289 956 3,262 29 191 1,305
Assaka 258 718 1,990 26 144 796
La Dam – U to M Jurassic 163 545 1,874 16 109 749
Arithmetic Total 1,564 4,335 12,399 156 867 4,959
Leads – In Place and Prospective Resources (MMbbls)
Note: arithmetic total may not sum to total due to rounding
Leads In Place and Prospective Resources (MMbbls)
Unrisked STOIIP(MMbbls)
Unrisked Recoverable Oil(MMbbls)
Prospect P90 P50 P10 P90 P50 P10
La Dam MJ5 34 84 210 3 17 84
La Dam LJ2 40 90 203 4 18 81
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 3
Arithmetic Total 74 174 413 7 35 165
WELL DATABASE
MO 2 drilled in 1969 by Esso
Oil has been recovered from three wells near the permit, MO-2, MO-8 and Cap Juby-1:
MO-2, drilled in 1969 by Esso, tested 2,377 barrels per day of 10-12 degree API gravity oil in the Upper Jurassic
MO-8, drilled in 1972, recovered 12 gallons of 38.5 degree API oil from a deeper interval in thefrom a deeper interval in the Middle Jurassic
Cap Juby-1, drilled by Mobil in 1984, recovered 5 barrels of oil (10.5 degree API) from the Upper Jurassic
Within the permit, MO-1A, MO-4 and Tan Tan-1 had oil shows in Cretaceous sandstones and Jurassic carbonates
Drilling Results in Tarfaya AreaDrilling Results in Tarfaya Area
Well Date Operator TD Target Result
MO-1A 1968 Esso 2,759 U. Jurassic LstDead oil in Lwr. Cret and U. JurGood phi Cret
MO-2 (Cap Juby Field)
1969 Esso 2,983 U. Jurassic Lst Tested 2,377 bbl 10-12 API oil(Cap Juby Field)
MO-3 1969 Esso 2,187 Lwr. Jurassic LstOil and gas shows in Cret and U-M JurDrilled on salt dome
MO-4 1969 Esso 3,464M. Jurassic Clastic/Lst
U. Jur oil stained core, gas shows
MO-5 1969 Esso 2,485 U. Jurassic LstGood Phi in Lwr. Cret and U Jur, Jur bit drop + lost circ. Poss. gas showsp g
MO-6 1969 Esso 3,661Lwr. Cretaceous Clastic
Shows in Lwr. Cretdrilled off structure
MO-7 1970 Esso 4,319 U. Jurassic ShaleDead oil in Lwr. Cret, good phiJur reservoir not penetrated
MO-8 (Cap Juby Field)
1972 Esso 3,829 M. Jurassic LstTested 12 gallons of 38 API oil from M. Jur Lst. Oil and gas shows in Ter, Cret
Haute Mer-1 1975 Esso 3,292Lwr. Cretaceous Shale
Targeted Lwr. Cret reservoir on flank of salt structure
Cap Juby-1 1984 Mobil 4,798 Triassic Evaporite/LstOil stained cuttings Lwr. and M. JurTraces of oil (5 bbls est.) in DST (10.5 API)
Tan Tan-1 1984 Amoco 5,069 Lwr. Jurassic LstTraces of Dead oil in Lwr. Cret No reservoir facies or closure
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 4
Tarfaya-1 1990 Walter Int. 3,006 U. Jurassic LstOil Shows in U. Jur and Tertiary, 100m sand 10-18% phi, no closure
Chebika-1 1962 Shell 4,200 TriassicOnshore well. Triassic gas showsLimited data available
Extensive seismic data coverage to mature prospects and leads into drill site opportunities
R l l d 20 2 3D i i i f 680 k 2 T id d A k P
SEISMIC DATABASE
Recently completed 2012 3D acquisition of 680 km2 over Trident and Assaka Prospects
— Currently being reprocessed, available in mid-2012
580 km2 of 2006 vintage 3D seismic (reprocessed by Fugro in 2011) covers La Dam Prospect –good quality data
12 500 line km of existing 2D seismic (2 813 km reprocessed by Fugro 2011 good quality data)12,500 line km of existing 2D seismic (2,813 km reprocessed by Fugro 2011 – good quality data)
Legacy 2D / 3D Database
Operator Year Location Length / Area
Esso 1967 – 1976 Tarfaya 4,000 km
Merlin Geophysical (Merlin) 1983 Tarfaya 2,700 km
2D
Mobil 1983 Tarfaya 2,735 km
Shell 1991 Tarfaya 1,554 km
ROC 1998 Foum Draa Maritime 620 km
ROC 1999 Foum Draa Maritime 829 km
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 5
Maersk 2004 Tarfaya Shallow 7,056 km
3DMaersk 2006 (Reprocessed 2011) La Dam 580 km2
Tangiers 2012 Assaka and Trident 680 km2
GEOLOGICAL SETTING
Atlantic margin basinAtlantic margin basin
Triassic intercontinental rifting
Evaporites in early syn-rift sediments
Open marine in Early JurassicOpen marine in Early Jurassic
Anoxic conditions in half graben depocentres provided good conditions for the accumulation of high quality source rocks
Jurassic post rift subsidence enabled thick platform carbonates, fringing reefs and shoals which were eventually buried by a prograding deltaic sequence
The Lower Cretaceous deltaic sequence was eventually drowned by a major transgressive event –providing a regional seal
An erosional unconformity truncates the Palaeocene and Cretaceous sediments at the shelf edge
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 6
— Only at Cap Juby – to the north the Cretaceous extends into the basin
Tertiary clastics infill the erosional canyons and provide ~1 km of overburden
STRATIGRAPHY AND PLAY CONCEPTS
Cap Juby Field, 20 km to the west of the permit, proves there is a working hydrocarbon system in Jurassic Carbonates
Tertiary and Cretaceous clastic potential reservoirs seen in a number of wells within permit – porosities 15 to 30% from log data
Shows encountered in 3 of the 4 wells drilled within the permitwithin the permit
Traps are mostly simple 4 way dip closures –stratigraphic potential also exits in Cretaceous deltaic, nearshore and turbidite sands
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 7
1,260 km2 of new and recently reprocessed 3D seismic available to delineate existing structures and map new plays
NSAI Prospective Resources (MMbbl)
TRIDENT PROSPECT
Unrisked STOIIP Unrisked Recoverable Oil
Prospect P90 P50 P10 P90 P50 P10
Trident 853 2,115 5,273 85 423 2,109
Reservoir:
Middle Jurassic, Bathonian 5, reef or grainstone shoal lithology, not penetrated by wells but inferred from seismic character
Li b l A k t d bLies below Assaka prospect and can be tested by same well
Trap:
4 way dip closurey p
Areal extent of 293 – 704 km2
(low estimate – high estimate)
Seal:
Top Middle Jurassic Depth Structure Map
Callovian-Oxfordian shales and tight Lst
Target Depths:
3,000 – 3,600m
Key Risks:
Reservoir development and quality, seal, migration
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 8
NSAI Prospective Resources (MMbbl)
TMA PROSPECT
Unrisked STOIIP Unrisked Recoverable Oil
Prospect P90 P50 P10 P90 P50 P10
TMA 289 956 3,262 29 191 1,305
Reservoir:
Lower Jurassic, Toarcian 7, reef core concordant with overlying Assaka Structure (could be tested with same well)
Th i i th i i l l J iThe reservoir is the original lower Jurassic reef system that developed after the establishment of the marine conditions following the break-up (i.e Toarcian 7 Horizon)
Trap:
4 way dip closure
Areal extent of 135 – 794 km2
(low estimate – high estimate)Top Lower Jurassic Depth Structure Map
Seal:
Callovian shale (Middle Jurassic)
Target Depths:
3,900 – 4,600m
Key Risks:
Porosity preservation, seal, migration
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 9
NSAI Prospective Resources (MMbbl)
ASSAKA PROSPECT
Unrisked STOIIP Unrisked Recoverable Oil
Prospect P90 P50 P10 P90 P50 P10
Assaka 258 718 1,990 26 144 796
Reservoir:
Upper Jurassic, Kimmeridgian 5, fore-reef and reef core
TTrap:
4 way dip closure
Areal extent of 132 – 302 km2
(low estimate – high estimate)
Seal:
Tight Lst and shale of Cret-Jurassic age (as in Cap Juby Field)
Top Upper Jurassic Depth Structure Map
Target Depths:
2,700 – 2,800m
Key Risks:y
Porosity, seal, migration
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 10
NSAI Prospective Resources (MMbbl)
LA DAM PROSPECT
Unrisked STOIIP Unrisked Recoverable Oil
Prospect P90 P50 P10 P90 P50 P10
La Dam – U to M Jurassic 163 545 1,874 16 109 749
Top Upper Jurassic Depth Structure Map
Reservoir:
3 potential reservoir horizons, Upper Jurassic reef, Middle Jurassic grainstone stratigraphic play (Bathonian), and Lower Jurassic (Toarcian) reefs and grainstone shoal /reef talus, 4 way dip closure
Trap:
Structural and stratigraphic
Areal extent of 8 – 69 km2
(best estimate – high estimate)
Seal:
Intra-formational Jurassic and Lowest CretaceousLowest Cretaceous
Target Depths:
3,000 – 5,500m
Column heights of 100 – 570m
Prospect is ready to drill
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 11
Key Risks:
Porosity preservation, seal, migration
Deal StructureT f Off h Bl k h ld b T i ’ 100% d b idi DVM I t ti l Li it d SARL
DEAL STRUCTURE AND ACTIVITY PLAN
Tarfaya Offshore Block held by Tangiers’ 100%-owned subsidiary, DVM International Limited SARL
Tangiers seeks a co-venturer willing to:
— Reimburse historic expenditure
— Fund a forward exploration programme on a leveraged basis
— Work programme to be proposed by the farminee
— One or more exploration wells
— Possibly further 3D
Tangiers is willing to assign a significant equity stake
Envisaged Forward Plan
— Percentage to be proposed by farminee
— Operatorship available
Post transaction the joint venture will finalise well planning and contract a drilling rig
The first exploration well is expected to be drilled by the end of 2013
— Licence commitment requires drilling during the First Extension Period (before August 2014)
First Extension Period Second Extension Period
2012 2013 2014 2015 2016 2017
Interpret 2012 3D Seismic
Well Location Planning (La Dam)
Well Location Planning (Trident, TMA, Assaka)
Drill Exploration Well #1
Possible 3D Acquisition
Drill Exploration Well #2
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 12
p
Drill Exploration Well #3
FOR FURTHER INFORMATION
Acquisitions &
PROCESS INFORMATION
Confidentiality Agreement Final OffersAcquisitions & Divestitures
ANDREW JONESHead of EMEA A&DBusiness: +44 (0) 20 3037 [email protected]
■ Download at www.macquarietristone.com
Evaluation Materials■ Will be available in a Virtual Data
Room
■ Available mid May 2012
■ Due early July 2012
■ Exact date to be advised
Additional Questions and Inquiries■ Submit to
maccap bogart@macquarie com
JEFFREY AULDManaging Director, Oil & GasBusiness: +44 (0) 20 3037 [email protected]
■ Available mid May 2012
■ Paul Weidman will contact you to supply access after receipt of a signed Confidentiality Agreement
Physical Data Room■ Located in London, United Kingdom
This timetable is subject to revision at any time at the discretion of Tangiers and Macquarie Tristone. Interested parties who have executed the Confidentiality Agreement will be
PAUL WEIDMANAnalystBusiness: +44 (0) 20 3037 [email protected]
■ Open mid June 2012
■ Paul Weidman will contact you to schedule a Data Room appointment after receipt of a signed Confidentiality Agreement
notified of any changes to this timetable.
NO COMPANY PERSONNEL MAY BE CONTACTED DIRECTLY WITHOUT THE PRIOR KNOWLEDGE AND APPROVAL OF MACQUARIE TRISTONE UNDER ANY CIRCUMSTANCES.
About Macquarie TristoneMacquarie Tristone has completed more than 300 energy asset packages valued at over US$35 billion since 2001. As a leading AcquisitionMacquarie Tristone has completed more than 300 energy asset packages valued at over US$35 billion since 2001. As a leading Acquisitionand Divestitures (A&D) team, it provides advisory services in energy asset transactions worldwide to a range of clients in the oil and gasindustry. With a sophisticated suite of asset divestment processes, coupled with superior senior-level industry relationships, MacquarieTristone brings together an unparalleled combination of disciplines in engineering, geoscience and economics. Macquarie Tristone’s specialistA&D professionals work within the Macquarie Capital division of Macquarie Capital (Europe) Ltd., the Macquarie Group’s corporate advisoryand capital markets division. Macquarie Tristone’s expertise extends across all phases of the disposition process, including deal strategy,financial and value analysis, technical evaluations, buyer identification and qualification, and other deal-related logistics. Combined with theMacquarie Group’s global resources activities, the result is a seamless, integrated offering, providing top-tier financial and executionexperience with superior, specialist technical expertise.
DisclaimerThis document is provided for information purposes only and does not constitute and shall not be deemed to be in any way an offer or invitation or solicitation of any offer or invitation to sell or purchase shares in Tangiers Petroleum Limited (the “Company”) and/or any of its subsidiaries. This document has not been filed, lodged, registered or approved in any jurisdiction and recipients of this document should keep themselves informed of and comply with and observe all applicable legal and regulatory requirements. Macquarie Capital (Europe) Limited (“Macquarie”) does not make or give any representation, warranty or guarantee, whether express or implied, that the information contained in this document or otherwise supplied by or on behalf of Macquarie to an interested party (“Information”) is complete or accurate or that it has been or will be audited or independently verified, or that reasonable care has been or will be taken by them in compiling, preparing or furnishing the Information. Macquarie does not accept any responsibility to inform any interested party of any matter arising or coming tocompiling, preparing or furnishing the Information. Macquarie does not accept any responsibility to inform any interested party of any matter arising or coming to their notice, which may affect any Information provided to an interested party. This document contains estimates and forward looking statements. All estimates and forward looking statements are subject to uncertainty and unexpected events, many of which cannot be anticipated or controlled. Accordingly, actual results are likely to differ from the estimates and forward looking statements, and the differences may be material. The document may not be relied upon in any way by the interested party in assuming any contractual or other obligation or liability in relation to an acquisition of the Company or otherwise. This document is provided on the basis that the interested party should not treat this document as advice relating to legal, taxation or investment matters and will carry out its own independent inquiries and assessment of the Information and makes its own independent decisions about the evaluation of the investment opportunity. Macquarie does not accept any responsibility for any inference, interpretation, opinion or conclusion that an interested party may draw from the Information. This document is issued by Macquarie Capital (Europe) Limited (“MCEL”). MCEL is authorised and regulated by the UK Financial Services Authority. This document is only being distributed to and is only directed at investment professionals, as defined in article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, who have professional experience in matters relating to investments. The transmission of this document to any other person in the UK is
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 13
unauthorised and may contravene the Financial Services and Markets Act 2000. No person within the UK who is not a person with professional experience in matters relating to investments as referred to above should treat this document as constituting a promotion to him or rely on it for any purposes whatsoever. Macquarie Capital (Europe) Limited is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia), and its obligations do not represent deposits or other liabilities of Macquarie Bank Limited ABN 46 008 583 542. Macquarie Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of Macquarie Capital (Europe) Limited.
Morocco has an attractive fiscal regime relative to other North African oil and gas producing countries
APPENDIXFISCAL REGIME
Tax:
35% Corporate Tax
— 10 year tax holiday on each discovery, starting from date of first production
All i t t i l d t d i b i t d & d b C d llAll equipment, material, products and services can be imported & used by Company and all Contractors with no customs duties or VAT
No business activity tax or VAT/GST and reduced urban taxes during production
Profits and dividends exempted from tax on income from shares, capital rights, etc. and are freely transferable outside Morocco
Transfer of net proceeds from asset sales is guaranteed for foreigners
Royalties:
Less than 200m water depth – oil 10%, gas 5%
Beyond 200m water depth – oil 7%, gas 3.5%
The first 300,000 tons of oil production is exempt, plus the first 300 million cubic meters of gas production
Land Rental:Land Rental:
Exploration permit – 1000 Dirham application fee (US$120) payable initially and when applying for an extension
Exploitation Permit – 1000 Dirhams per km2 per year
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 14
Location of Basin During Start of Atlantic Opening Drift Phase
BASIN SETTING
APPENDIX
Stages of Basin Rifting and Sediment FillStages of Basin Rifting and Sediment Fill
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 15
Regional Cross Sections
REGIONAL GEOLOGY
APPENDIX
A0200040006000 D
epth
(m)
B
8000
020004000
pth
(m)
Location of sections marked in yellow In schematic paleogeography map below
60008000
Dep
Schematic Paleogeography Map of Region
AB
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 16
STRATIGRAPHY AND PLAY CONCEPTS (2)
APPENDIX
Jurassic carbonate play fairway de-risked by Cap Juby oil discovery to the west of Tangiers’ Block
Working petroleum system seen throughout permit, oil seeps and onshore oil shale mine
4 four way closure prospects in J i b t l f iJurassic carbonate play fairway (e.g. Trident, Assaka)
2 prospects targeting Upper Jurassic fractured dolomite play (e.g. Zeus, Little Zeus)
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 17
Multiple Triassic, Cretaceous and Tertiary clastic leads yet to be fully evaluated
Formation Porosity % Wells
POTENTIAL RESERVOIRS
APPENDIX
Tertiary Sandstones 30 MO-7, LY-8-2, Souss-1
Lower Cretaceous Sandstones 25 MO-7, 15A-1. DSDP-416
Upper Jurassic Limestones 25 MO-5, AGM-1
Lower / Middle Jurassic Carbonates and Clastics
15 TT1, MO-8, ESR-1, Fuerteventura
Basal Tertiary Potential ReservoirBasal Tertiary Potential ReservoirMajor tertiary channelling and hi-amplitude supported sands on Base tertiary unconformity, pinching out up-dip
Lower Cretaceous Deltaics and Deeper Turbidite and Fan PlayReservoir: Marine sandstones of Cretaceous Tan-Tan Fm.
— 15A-1: 88m net sandstone with an avg. ø of 20%
— 15A-1: 287m with an avg. ø of 15%
— MO-7: 100m net sandstone with an avg. ø of 20%
Seal: Marine shales in Tan-Tan Fm.
Trap: Structural closure
Source: Lower Jurassic lagoonal carbonates
Mi ti V ti l th h J iMigration: Vertical through Jurassic
Upper Jurassic Reservoir (Cap-Juby)Reservoir: Oolitic bars or reefs at shelf edge
Seal: Marine shales of Tan-Tan Fm.
Trap: Structures, both drilled (Cap Juby discovery)
Source: Lower Jurassic carbonates (lagoonal or pelagic)
Migration: Lateral
History: One discovery – Cap Juby
Middle Jurassic ReservoirReservoir: Oolitic bars or reefs at shelf edgeReservoir: Oolitic bars or reefs at shelf edge
Seal: Flooding surface at top Middle Jurassic
Trap: Large four-way dip closed trap mapped
Source: Lower Jurassic carbonates (lagoonal or pelagic)
Migration: Lateral
History: Oil in MO-8, but flowed at very low rate
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 18
Lower Jurassic Potential ReservoirOolitic reefs and shoals at shelf edge, sealed by Tan-Tan marine shales
POTENTIAL RESERVOIRSUPPER JURASSIC WELL PENETRATIONS
APPENDIX
Carbonate interval from top Jurassic to TD in Upper Jurassic at 2,485m
Lost circulation from 1,916m to TD
Gas show at top of reservoir
Spotty core recovery due to severe drilling problems and drill bit drops
Core and seismic shows karstification in upper 250mkarstification in upper 250m
Reef Facies
Shoal, Near-Shoal/Reef Facies
Grainflat FaciesGrainflat Facies
Lagoon Facies
Carbonate interval from Top Jurassic to TD in Upper Jurassic at 3,006m
No losses reported
No shows
Cuttings and well logs show 12% - 18% porosity in ooid shoal facies
Shoal Facies
Near-Shoal/Reef Facies
Grainflat Facies
Lagoon Facies
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 19
Lagoon Facies
POTENTIAL RESERVOIRSJURASSIC WELL PENETRATIONS
C J b 1
APPENDIX
Cap Juby-1
Reef
Near Reef/Shoal
Shoal
Grainflat
Lagoon
Basin
Clastic
Jurassic carbonates penetrated by wells:
Reservoir Development
Tarfaya-1: 18% porosity in oolitic limestone layers in Upper Jurassic
MO-2: total mud losses and 3,000 bbl/d flow rate from Upper Jurassic
MO-8: vugs and fracturing observed in core and were associated with mud losses during drilling – karstification
MO-5: total mud losses, higher porosity zones associated with vugs and fractures and observation of plant remains in upper 40m of Upper Jurassic – all indicative of karstification
Indications of reservoir development as:
Karstification of reefal facies at shelf edge
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 20
g
Oolitic shoals at shelf edge (Bahamas analogue)
Source Rock Intervals Encountered Within or Close to Block
SOURCE ROCKS
APPENDIX
Formation TOC % Well Kerogen Type
Tertiary 4.6 MO-2 II-III
Upper Cretaceous Shales
and Marls
3.96
19
MO-6, MO-7
Tarfaya Oil ShaleII-III
Upper Jurassic Limestone 0.8 II-III
Lower Jurassic Limestone 2.49 Tan Tan-1 II-III
Source: Maersk Oil /ONHYM
Major Jurassic source-prone intervals
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 21
Source Potential DSDP Leg 79 547 – Basin Setting
V i ti f O i C b V l t DSDP 547
SOURCE ROCKS (2)
APPENDIX
Variation of Organic Carbon Values at DSDP 547
Good Jurassic source potential500 km from licence area500 km from licence area
Ifni-1: 3.36% TOC in Lower Jurassic (one sample only) (200 km from Tarfaya Offshore Block)
Oxfordian source locally developed in the Essaouira Basin (Toukimt-201 well, 10m with 0.5 –4.3% TOC, TKM-1 1.39% TOC), areal distribution not defined, otherwise low TOC values in Essaouira Basin (300 km from Tarfaya Offshore Block)
DSDP Leg 79, site 547, 23m of nodular limestone and black shale, maybe 5m of TOC >6% (500 km from Tarfaya Offshore Block)
Rif, Middle and High Atlas inverted basins contain Liassic source rock with up to 10% TOC
Eastern Atlantic Coast, Morocco to Portugal
Bou Draa field in Pre-Rif / Rharb Basin of northernmost Morocco is sourced from unspecified Jurassic source (900 km from Tarfaya Offshore Block)
Source potential in several Jurassic intervals in Lusitania Basin(s) along the coast of Portugal
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 22
Source potential in several Jurassic intervals in Lusitania Basin(s) along the coast of Portugal (up to 3% TOC and up to 18% TOC, respectively, in two different stratigraphic levels)
Oil and Gas Discoveries
WELL DATABASE (2)
APPENDIX
Wells Shows ˚ API Stratigraphy
MO-6 Dead Oil - L. Cretaceous
MO-7 Dead Oil - L. Cretaceous
Cap Juby 1 Oil 10 5 U JurassicCap Juby-1 Oil 10.5 U. Jurassic
MO-2 Oil 12 U. Jurassic
MO-3 Oil & Gas - U. Jurassic
MO-4 Oil & Gas - U. Jurassic
Tarfaya-1 Oil - U. Jurassic
MO-8 Oil & Gas 38 M. Jurassic
Tan Tan-1 Dead Oil - M. Jurassic
Chebika-1 Gas - Triassic
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 23
Production Tests / Shows
WELL DATABASE (3)
APPENDIX
UJMJ
Cap Juby TestsMO-2: 2,370 bbl/d 12° API oil UJMO-8: 12 gals 38° API oil MJ
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 24
DIP LINES OVER PROSPECTS (1)
APPENDIX
Line TS04-156
Line TS04-164
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 25
DIP LINES OVER PROSPECTS (2)
APPENDIX
Line TS04-168
Line TS04-142
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 26
DIP LINES OVER PROSPECTS (3)
APPENDIX
Line TS04-126
Line TS04-136
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 27
MO-4 Well Tie to Seismic Line TS04-220
APPENDIXDIP LINES OVER PROSPECTS (4)
NW SE
Tantan
MO-4
Berriasian 1
Kimmeridgian 5
Bathonian 5
Bathonian 1
Downlap Surface
Toarcian 7
TD: 3464m, Middl J iMiddle Jurassic
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 28
STRIKE LINES OVER PROSPECTS
APPENDIX
Line TS04-123 SW NE04TS-136 04TS-156 04TS-164 04TS-170 04TS-178
Berriasian 1
SW
83MMO-05 83MMO-03
Bathonian 5
Kimmeridgian 5
Bathonian 1
Toarcian 7
Downlap Surface
La Dam Assaka
Line TS04-125
La Dam Assaka
SW NE04TS-136 04TS-156 04TS-164 04TS-170
83MMO-05
04TS-178
83MMO-03
Berriasian 1
Kimmeridgian 5
Bathonian 5
Bathonian 1
Downlap Surface
Toarcian 7
MACQUARIE TRISTONE TANGIERS PETROLEUM LIMITED MAY 2012 PAGE 29
La Dam Assaka