TANGIERS PETROLEUM
Full Tangiers Petroleum profile here
Tangiers Petroleum (ASX: TPT) has two oil and gas projects located in Morocco and Australia. Tangiers’ Moroccan assets include the highly prospective Tarfaya offshore block, while its Australian assets include the significant Nova and Super Nova gas prospects located offshore northern Australia.
Monday, January 30, 2012 by Bevis Yeo
Tangiers Petroleum (ASX: TPT) has raised A$6.35 million to push ahead with its Moroccan and Australian exploration projects.The funds were raised through a private placement to North American and United Kingdom institutional investors in conjunction with Tangiers proposed admission into the London Stock Exchange’s AIM market.The company is currently shooting about 677 square kilometres of 3D seismic over its Tarfaya block offshore Morocco that will further delineate the areal extent of the Assaka, Trident and Tarfaya Marin-A prospects, which have combined best estimate prospective resources of 758 million barrels of oil.Over in Australia, Tangiers is planning to shoot 3D seismic over its southern Bonaparte Basin plays before drilling two exploration wells targeting the Nova and Super Nova gas prospects.Further progress will require Tangiers to secure farm-in partners, a process which it has already started, but the additional funds will go a long way towards ensuring that it would be able to secure good partners.Tangiers chairman Mark Ceglinski added the successful placement was a sign that North American and UK institutional investors recognised the potential of its two key exploration projects.The placement was carried out under 15% placement capacity under ASX listing rule 7.1 and was brokered by DJ Carmichael, Casimir Capital, Shore Capital and Old Park Lane Capital.
