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/

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.

Pro deramping this share at moment as he has gone short, i agree with him its a sell but its the endless posts not only on this thread but all the other web sites which makes him the spineless bloke he is.

I think the rampers are trying to do the same old trick - they hope the company is going to "promote" themselves by roadshows etc..

They hope that the company will release bigger POSSIBLE OIP figures.

So the rampers intended to do a big bulletin board ramp similar to CHAR, to keep pumping the share price up by ramping hoping to suck people in with ever increasing POSSIBLE OIP figures.

But as CHAR has now exposed - all the seismic in the world and all the increases you put on POSSIBLE OIP figures - sadly when the drill bit finds nothing commercial then its all blown out the window.

CHAR now trades below cash in the bank level even though their POSSIBLE OIP figure is massively than TPET.

So if you were looking for massive OIP figures backed up by cash at over the current share price - well, why are these rampers not buying CHAR ?

Seems they are already locked into TPET at higher prices and now are ramping like mad to try to get the price back up, so they can sell out.

Letter to Shareholders
PRNW


20 December 2012

TANGIERS PETROLEUM LIMITED

A NEW YEAR IS ABOUT TO BEGIN AND TANGIERS IS POISED TO GROW

Dear Shareholder,

With the festive season now well upon us, I would like to take this opportunity
to outline the significant progress your Company has made towards its goal of
building a substantial oil and gas group and the next steps it plans to take
along that path.

A little over 100 days have passed since Tangiers announced the Board
restructure in which I was appointed as Executive Chairman. This restructure
also saw the appointment of highly experienced geologist Max de Vietri as a
Non-executive Director, while Brent Villemarette continued as an Executive
Director.

To this end, the new Board immediately set about raising capital and
negotiating "farm out" arrangements which have covered virtually all of
Tangier's financial obligations on its existing acreage while retaining
valuable exposure for the Company should upcoming exploration programs be
successful.

In early September, your Company had commitments of over $70 million on its
exploration permits in Morocco and Australia, less than $1 million available to
spend and a market capitalisation of $28 million. Today, even at our current
relatively depressed share price of 32c, the market capitalisation is $42
million and on closure of the farm-out deals, the Company will have about $15
million in cash to contribute to new projects.

As well as generating some valuable cash, I believe these farm-out deals, which
cover Tangier's exploration acreage in both Australia and Morocco, have
delivered excellent outcomes for the Company in both the short and long terms.

The Moroccan farm-out brings in a valuable partner in Galp Energia. Galp has a
market capitalisation of ~$12 billion and operating experience in eight African
countries. It is a deepwater producer in Brazil and a fully integrated
petroleum company with interests in exploration, development, production,
refining, marketing and petrol stations.

Galp will fund the commitments (up to $33 million) that Tangiers previously had
for the period up to August 2014 as well as refund our past costs of $7.5
million. The full carry on the well costs is comparable to other deals in
surrounding permits, but the level of refund of past costs far exceeds the
amounts agreed in these same deals.

It is important to note that the well costs in our Tarfaya block will be
relatively low because of our ability to utilise a jack-up rig, typically
around half the cost of the floating rigs that will be required to drill in
some of the adjacent permits. Tangiers will retain a 25 per cent interest in
the Tarfaya offshore area following completion of the farm-in arrangements.

In Australia, a Heads of Agreement has been signed with CWH Resources Ltd and
we are now working on completing the definitive agreement. CWH will fund the
first $35 million of exploration expenditure in our WA-442-P and NTP/81
permits. This should cover most of our commitment of 3D seismic acquisition and
two wells. Tangiers will retain a 27 per cent interest in the permits.

CWH is an ASX-listed company with an extensive network in China, through which
CWH has arrangements to fund its exploration projects in Australia. CWH does
not intend to raise capital in Australia to fund the exploration programs but
will cover the costs through debt financing, some of which will come from the
$50 million it has recently secured for acquisition of resources projects in
the Northern Territory.

CWH also has other sources of funding through its major shareholders, which
have a variety of businesses in China including building materials, chemical
industries, investment companies, gas companies, manufacturing, logistics
companies, petroleum stations and more.

CWH has advised Tangiers that it has always been supported by these major
shareholders and the support is expected to continue into the future. CWH is
based in Chongqing, a major municipality in south-west China with a population
of ~30 million.

With the farm-out agreements relieving Tangiers of most of its financial
obligations on its existing assets, the Company is now ideally placed to pursue
the next leg of its growth strategy. This will involve identifying "farm-in"
and acquisition opportunities in Africa to grow our portfolio of exploration
and production assets.

This process is now underway, with the Board targeting onshore and shallow
water opportunities. These parameters recognise the Company's financial
resources, which realistically do not stretch to becoming involved in the deep
water exploration business that is predominantly a game for the deep pockets of
the petroleum majors.

The Board has a preference for oil exploration and production opportunities,
though it remains open to involvement in the gas industry provided key criteria
such as gas prices and nearby infrastructure meet its requirements.

I believe that the experience of the people within Tangiers, along with the
Company's ability to fund suitable farm-ins and acquisitions, will enable us to
capitalise on the opportunities in our chosen region of growth.

I look forward to reporting to you in the New Year on the finalisation of the
farm-out agreements and progress on sourcing new assets for the Company.

In the meantime, on behalf of the Tangiers Board, I wish you a merry Christmas
and a prosperous 2013.

EVE HOWELL
Executive Chairman