LONDON (Alliance News) – Tangiers Petroleum Ltd Monday said the resignation of the Moroccan energy minister had delayed approval for a farm out agreement on the Tarfaya oilfield, and while it was still assessing acquisition opportunities it hadn’t reached advanced talks on any of them.
“The board believes that it is important to take the time needed to secure the right growth asset for your company,” Chairman Eve Howell said in a letter to shareholders. “That said, we can assure you that extensive efforts are being made to identify and examine as many opportunities as possible.”
In the letter, Howells said the company had identified many growth opportunities over the past six months, but none had met all the criteria the company has set to move forward. It said it is now assessing a “number” of new opportunities.
A farm out agreement between Tangiers and Galp Energia for the Tarfaya block offshore Morocco is almost finalized, the company said, but the resignation of the energy minister has delayed the signing of a joint order to clear the deal by the energy ministry and finance ministry. It expects the agreement to be approved shortly after a new energy minister is appointed.
It said that in the meantime, Galp is preparing to drill the TAO-1 well and hopes to start in the first half of the next calendar year.
Tangiers Petroleum shares were down 7.7% at 12 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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