ProActive Investors
TANGIERS PETROLEUMFull Tangiers Petroleum profile here
Tangiers Petroleum (ASX: TPT, LON:TPET) has a portfolio of highly prospective offshore oil and gas prospects, which in Morocco includes the Tarfaya block. In Australia assets include the Turtle and Barnett oil discoveries, and the Nova and Super Nova gas prospects off northern Australia.
Tangiers Petroleum’s Mark Ceglinski discusses farm in opportunities in Morocco at One2One Forum
Mark Ceglinski, non-executive chairman of Tangiers Petroleum, presented at the One2One Forum in Melbourne on Wednesday. Proactive Investors brings you the Question and Answers between Mark and the audience.
Tangiers Petroleum (ASX: TPT) is actively carrying out exploration on its Tarfaya block offshore Morocco and studies on its Bonaparte Basin permits off northern Australia.
Mark Ceglinski, non-executive chairman, fielded answers during Question Time at Proactive Investors’ One2One Forum in Melbourne, Wednesday 16th May.The presentation on the night can be ACCESSED HERE.The company recently completed a 670 square kilometre 3D seismic survey over the primary prospects at its Tarfaya block and is continuing analysis of 2D data over multiple leads within the shallower Lower Cretaceous intervals.Tangiers has also revealed it is in discussions with potential farm-in partners including supermajors and large independents, for its projects in both Morocco and Australia.
Question from the audienceHow junior are you going to go on your partner?Mark Ceglinski
Just to give you some idea of both of these projects, we’re probably looking at two wells and some seismic in Morocco.The wells are relatively cheap for offshore wells at $25 million per well so we’re looking at about a $60 million commitment there.In Australia the shallow wells are about $25 million but we’re going to drill all the way down so that’s about a $60 million well, two wells, so you’re looking at in excess of $100 million drilling program. So if you don’t have a $100 million sheet that you can comfortably write out today don’t bother ringing us basically.Question from the audienceHow small would you go?Mark Ceglinski
The sort of standard farm out terms that we’re throwing out there are two for one essentially. So we’d be comfortably happy to dilute about half our relevant interest so 75 to 37.5. We’ve got 90% of that major project in Australia down to 45. 37.5 or 45% of those projects is an extraordinary opportunity for us.Question from John Phillips, chief operating officer of Proactive InvestorsJust with Morocco, you’ve already secured the first mover advantage and we can see you have a very large acreage there and we do know major players are moving into Morocco. Do you already have any of those major players speaking to you about a farm-in?Mark CeglinskiBecause of confidentiality agreements I can’t say who, but I can say we’ve got Tier 1 companies in our data room. So we have supermajors, majors, national oil companies and large independents, when I say large independents, billion dollar companies basically.Question from John Phillips, chief operating officer of Proactive InvestorsGreat so you’re having a talk with the majors, can you please provide us with some further details?Mark CeglinskiWe’ve got people in the data room working through all the information. We have some timelines in terms of when we’ll come to the bidding process.The finalisation of the bidding obviously we’ll have to paper the deals and then we’ll actually be able to talk about them. But we’re engaged at the highest level, we’ve got tremendous reception to our projects.Question from John Phillips, chief operating officer of Proactive InvestorsWould we here an announcement about this in the next six to 12 months?Mark CeglinskiOh absolutely. Sooner.Question from the audienceThe area in Morocco is so large, are you looking to split it up so you can get different farm-in partners for different areas?Mark CeglinskiThat’s a possibility. When you look at the current projects or prospects that we have we’ve really only focused on the western side of our permit area.There is certain prospectivity in here and this part of the block we don’t even know anything about it at this point in time, we’ve not spent any time looking at it. There’s just so many opportunities.Stratigraphically, the tertiary triassic, there’s also many opportunities that we have not even looked at at this point in time. So theoretically it’s possible that we could have several partners. It’s more likely that we would have one partner who would want to have an interest in the entirety of the block.
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