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Tangiers is an ASX 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…
Tangiers Petroleum shares boosted by growing interest in Morocco exploration
By Jamie Ashcroft
AIM and ASX listed explorer owns 25% of the Tarfaya offshore block and in the past week the share has gained around 50% (in Australia).
Tangiers Petroleum(LON:TPET, ASX:TPT) says the growing interest in Morocco’s oil potential and imminent drilling in the area has contributed to an increase in activity in the group’s shares.
The AIM and ASX listed explorer owns 25% of the Tarfaya offshore block and in the past week the share has gained around 50% (in Australia).
Answering a query from the ASX, questioning the reasons for the move in the price, Tangiers said it was not aware of any additional information that might explain the rise.
It did point out however that the group’s listed options ceased trading on October 24 and this event may have increased the level of trading activity in the shares.
The potential of Morocco’s nascent oil industry and the scale of opportunity was underlined by the entry of oil major BP.
BP struck a deal with Atlantic exploration specialist Kosmos Energy. In return for significant stakes in three licence blocks – between 26.3% and 45% – BP will pay Kosmos’s costs for three wells, and will also cover some of the potential follow up drilling.
At the same time all the explorers in this emerging oil frontier are keenly awaiting the start of Cairn’s imminent well in the Foum Draa block, and a subsequent well in the Juby Maritime area – both of which flank Tangiers’ 25% owned Tarfaya block.
The two drill programmes mark the beginning of a significant period of work in the frontier, which will comprise of 10 wells over the next eighteen months.