Tangiers is an AIM (LON:TPET) and ASX (ASX:TPT) 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 reports on busy Q1
10:52 am by Sergei BalashovThe company aims to complete farm-out arrangements for the Moroccan and Australian permits during 2012 to finance its multi-well exploration campaign
Tangiers Petroleum(LON:TPET, ASX:TPT), which joined the AIM market in February, today reported on the significant progress it made at its assets in Morocco and Australia during the first quarter of the year.
In today’s report, Tangiers highlighted the completion of a 670 square kilometre 3D seismic survey over the primary prospects at its Tarfaya block offshore Morocco.
Tender requests for processing of the data were issued with contract award expected imminently, Tangiers said in the report.
In the meantime, seismic interpretation including analysis of 2D data over multiple leads within the shallower Lower Cretaceous intervals is ongoing. The results will be used for an independent resource estimate.
The Tertiary and Triassic age sections will be evaluated following completion of the Lower Cretaceous programme.
Tarfaya has an un-risked prospective resource of 867 million barrels, with a high-end estimate of almost 5 billion.
In Australia, Tangiers unveiled an assessment of its Milligans Fan oil play in the Bonaparte basin permit areas WA-442-P and NT/P81, which placed its prospective resources at 218 million barrels of oil.
A competent person’s report (CPR) by ISIS Petroleum Consultants confirmed there was “significant” oil potential in 14 identified leads with combined unrisked oil-in-place of 683 million barrels of oil with a high case of nearly 1.5 billion barrels.
On the financial side, Tangiers had A$3.1 million in the bank at the end of March following a A$6.4 million placing in January. The company spent A$3.54 million on exploration and evaluation during the quarter.
The company aims to complete farm-out arrangements for the Moroccan and Australian permits during 2012 to finance its multi-well exploration campaign. The plan then is to have two wells on each by the end of this year.