by Jamie Ashcroft
Together the two farm-out deals are worth about £48mln to the junior explorer.
Tangiers Petroleum (LON:TPET) has struck two separate farm-out deals over its assets offshore Morocco and Australia.
Together the farm-out deals are worth about £48mln to the explorer.
Portuguese major Galp Energia is taking a 50% stake in the Tarfaya acreage, off the Moroccan coast, in a US$41mln (£25.6mln) deal – which includes a payment of up to US$7.5mln of Tangiers’ past costs.
The rest of the US$33.5mln will be spent on exploration, with Galp covering the costs of the commitment work programme for Tarfaya.
Tangiers will retain a 25% stake in Tarfaya, and it will be carried for its share of exploration costs over the two year exploration period.
An exploration well will be drilled before mid-2014, Tangiers said. This well is expected to target the Trident prospect, which is estimated to contain 450mln barrels of oil and has a 21% chance of success.
Meanwhile in Australia, a AU$35mln (£22.7mln) deal sees CWH Resources (ASX:CWH) take a 70% stake in Tangiers Petroleum’s exploration acreage off the coast of Western Australia and the Northern Territory.
Here CWH will spend AU$35mln to earn its stake. This is expected to cover both seismic exploration and drilling.
Tangiers will retain a 27% stake in the Australian projects.
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