“These measures, combined with the recent capital raisings, are aimed at enabling the company to step-up its search and analysis of onshore and shallow water acquisition and farm-in opportunities in Africa,” Tangiers said in a statement.

The company explained that the relinquished Cooper-Eromanga Basin exploration permit was a legacy asset where exploration had not been advanced significantly.

Tangier’s shares edged around 1.5% higher on AIM today, to trade at 30.25p each.

The company’s key asset is the 75% operated interest in the 15,000 sq km Tarfaya permit, offshore Morocco, and it is currently carrying out a 3D seismic survey covering three of the company’s prospects, which is expected to be finished by the end of November.

In a note to clients today Shore Capital analyst Craig Howie said the Moroccan acreage is rising in prominence due to the intense industry interest being shown in country.

“Tangiers has a portfolio of high-impact exploration projects, with large working interests in two key areas,” he said.

“These have been high-graded through geophysical data interpretation and, with a seismic survey completed offshore Morocco, are ready to be farmed out.”

Howie said the projects aren’t without risk, but they offer significant potential across multiple leads and prospects.

“We continue to believe that the completion of farm-outs could provide a very important share