Tangiers Petroleum
tangierspetroleum.com
Tangiers is an ASX listed exploration company which has a portfolio of two potentially world class oil and gas assets located in Morocco and Australia.Tangiers Moroccan assets include the highly prospective Tarfaya offshore block.In Australia, assets include the significant Nova and Super Nova gas prospects located offshore Northern Australia.
Tangiers Petroleum in currently planning a secondary Listing on the London AIM during the fourth quarter of 2011.
by Giles Gwinnett
The seismic survey has been designed to fully include three of the company’s most significant prospects – Assaka, Trident, and TMA, which have a combined billion barrel potential, added the company
—Adds broker comments—
Tangiers Petroleum (ASX:TPT) is accelerating its Moroccan exploration programme and has begun acquiring 3D seismic.
It has reached agreement with Polarcus Samur Ltd to immediately begin the 677 sq km seismic programme within its Tarfaya offshore block, the firm said today.
The seismic survey has been designed to fully include three of the company’s most significant prospects – Assaka, Trident, and TMA, which have a combined billion barrel potential, added the company, in today’s statement.
Chairman of the company Mark Ceglinski said: “Tangiers is excited about having reached an agreement to fast track the acquisition of a 3D seismic program over such important assets as the Assaka, Trident, and TMA prospects.
“This will really accelerate Tangiers exploration efforts in Morocco, and enable us to drill our billion barrel prospects sooner.”
The three prospects have been assessed by an independent global petroleum consultant as having combined unrisked best estimate prospective resources of 758 million barrels of oil with a high side case of 4.210 billion barrels.
Tangiers already has 580 sq km of seismic over its La Dam prospect within the Tarfaya block.
It will take around 25 days to complete the seismic acquisition, said the company.
When the data has been interpreted it is expected to expedite the proposed future exploration drilling program in the block, added Tangiers.
The survey area exceeds the requirements of the Tarfaya phase 1 work programme and the acquisition programme will also complete the Tarfaya phase 1 work commitment significantly ahead of schedule, said the firm.
“Tangiers is making strong progress in Morocco as the company consolidates its core portfolio of prospects in the lower Jurassic horizons of the Tarfaya block,” said Old Park Lane Capital analyst Barney Gray in a note today.
“The company also possesses upside within the highly prospective lower Cretaceous horizon which is not yet considered in our valuation. We believe that Tangiers represents an attractive opportunity to gain leverage into an exciting asset at a significant discount to our valuation and we maintain our BUY recommendation.”
The broker targets a price of A$2.08 for the stock.
