88 Energy Limited (formerly Tangiers Petroleum Limited) is an ASX listed exploration exploration company that has recently announced the acquisition of a new, potentially world class oil asset located in Alaska. It also has a 25% stake in the Tarfaya Offshore Block is located on the Moroccan Atlantic margin and was acquired by the company in 2009.

Alaska-project-icewine

morocco

http://88energy.com/

Climbing before farmout news

strong buying now

27 November 2012
Tangiers relinquishes Queensland block to focus on
African Growth Strategy



http://clients2.weblink.com.au/clients/tangierspetroleum/article.asp?asx=TPT&view=6615645

moving up now

UPDATE: Tangiers Petroleum sharpens focus on Morocco
1:36 pm by Jamie AshcroftThe Moroccan acreage is rising in prominence, Shore Capital says



---Adds background and broker comment---

Tangiers Petroleum (LON:TPET) this morning confirmed it has now dropped its legacy exploration assets onshore Australia.

The company is focussed on growth opportunities in Africa, specifically offshore Morocco. And it is currently pursuing a farm-out deal for its offshore Morocco assets, as well as its projects offshore Australia.


“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 price catalyst.”

UP close on 9%,talk of news early next week.

A buy in this weeks IC - Tangiers offers 10-bagger potential. With about $8m of cash as of October, Tangiers has the resources for its current research, but not for drilling wells. There is risk that Tangiers won't find a partner to cover its drilling costs or that a farm-out won't be completed on attractive terms. But those worries seem built into the share price. Broker RFC Ambrian thinks the Morroccan and Australian farm-outs have an even chance of being arranged, while it reckons the stock market assumes a one -in-five chance of success.
At 30p, Tangiers shares trade for less than half RFC Ambrians fully risked estimated value of 70p. In addition the broker calculates that, if a farm-out is successful and drilling turns up a 400m barrel oil discovery, then Tangiers share price could go to 540p by the end of 2013. Conversely , if a farm-out is still completed but no discovey is made, the price could fall to 12.5p. That equates to 10-bagger potential in less than two years, with a downside of 50%. Its risky and speculative, which is what oil exploration is all about, but those odds are enticing.

Offshore Morocco is attracting some of the worlds leading oil explorers to its under explored waters and is shaping up to be oils next big frontier play.
Anadarko petroleum,Kosmos Energy, Cairn Energy, Genel Energy and Repsol have all acquired offshore acreage, but oil and gas minnow TANGIERS PETROLEUM might just have the pick. It bought the 15,000sq km Tarfaya permit - an area about one-third the size of the Southern part of the UK North sea - in 2009 long before Morocco became a hot spot. Cairn and Genel have farmed into licences next to Tarfaya in the past few months ,confirming the oil industry's growing interest in the prospect and prompting investors attention. The companies plan to spend $100m on drilling in late 2013 and early 2014.
Kosmos is also planning to drill multiple wells on its nearby licence in 2013-14.
All this is good news for Tangiers . The company has delineated big drill targets on its permit based on 2D and 3D seismic data, and has opened a data room to lure in a partner. Importantly, three of the biggest reservoir targets are vertically stacked
so they could be tested with just one drill hole, saving a lot of exploration costs.
Independent consultant Netherland, Sewell and Associates estimates that prospective resources of the three targets could be 758m barrels of oil.
But Tangiers also recently shot further 3D seismic data that refines the targets ahead of setting up a farm -out. Its bosses expect to have processed the data by now and hope to have a deal signed by the end of the year. The company also anticipates signing a farm-out agreement for its lower priority offshore Australian licences around the same time.

ASX ANNOUNCEMENT
3 December 2012
CWH signs heads to farm CWH signs heads to farm CWH signs heads to farm
CWH is pleased to announce that it has entered into a non-binding heads of agreement with Tangiers Petroleum Limited (ASX:TPT) (Tangiers) in connection with an opportunity to farm in to exploration permits WA-442-P and NT/P-81 in the Bonaparte Basin located approximately 250km south-west of Darwin.

http://clients2.weblink.com.au/clients/tangierspetroleum/article.asp?asx=TPT&view=6616916

December 3, 2012
Tangiers enters into a farm-out agreement for
offshore Morocco

http://clients2.weblink.com.au/clients/tangierspetroleum/article.asp?asx=TPT&view=6616902

-9.52% on the ASX on the above news.

3 x RNS'S

December 3, 2012
Tangiers signs Heads of Agreement to farm-out WA
and NT blocks

http://clients2.weblink.com.au/clients/tangierspetroleum/article.asp?asx=TPT&view=6616901

Mid 2014 for drilling........

.

Options to be exercised before drilling even starts.

Perhaps a lot further to fall

Not invested here - keeping the thread up to date for those interested.


A buy in IC mag - Tangiers share price fell 27% after announcing the farm-outs.
The long term horizon before drilling may have deterred investors hoping for a quicker exploration drilling programme. The company has a clear path towards drilling now.

Investor
Presentation
December 2012

http://clients2.weblink.com.au/clients/tangierspetroleum/article.asp?asx=TPT&view=6618211

This has been ramped to hell on other bulletin boards.

Drilling will likely not be before Q2 2014 imv.

No reason imo to be buying or holding this in 2013, will be taking a bashing and could well fall down to cash levels in 2013, which is about 10p lower than the present share price.

One to avoid imo.

0.29 to sell in Oz now, thats below 19p.