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/

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

December 20, 2012
Notification of Cancellation of Shares
Tangiers Petroleum Limited (ASX:TPT, AIM:TPET, “the Company”) advises that following
shareholder approval at the General Meeting held on 16 November 2012 and at a Special
Meeting of Shareholders whose shares were to be cancelled, the Company has cancelled
2,125,000 fully paid ordinary shares.
Following the cancellation, the Company will have 130,429,576 fully paid ordinary shares
on issue. Attached is a copy of Form 484 lodged with ASIC today.

Tangiers Petroleum on look-out for onshore and shallow water opportunities
10:54 am The board is targeting onshore and shallow water opportunities, as it acknowledges that the company’s resources do not currently make it feasible to become involved in deep sea projects.

Eve Howell, who recently took over as chairman of Tangiers Petroleum, has sent an end of term report to the company’s shareholders.

It is little more than 100 days since the board was reconstituted, but the new management team has already raised funds through equity issues and negotiated farm out arrangements, all of which have covered most of Tangiers Petroleum’s financial obligations on its existing acreage.

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

In Morocco, the company’s partner Galp Energia will fund the commitments (up to A$33 million) that Tangiers previously had for the period up to August 2014 and will also refund Tangiers Petroleum’s past costs of A$7.5 million.

The well costs in the Tarfaya offshore block, in which Tangiers Petroleum will retain a 25% interest on completion of the farm-in arrangements, will be relatively low because of the ability to utilise a jack-up rig, which is typically around half the cost of the floating rigs that will be required to drill in some of the adjacent permits.

In Australia, ASX-listed CWH Resources will fund the first A$35 million of exploration expenditure on the WA-442-P and NTP/81 permits. This should cover most of Tangier Petroleum’s commitment of 3D seismic acquisition and two wells. Tangiers will retain a 27% interest in the permits.

Having got the farm-out arrangements done and dusted, the company is now focused on identifying farm-in and acquisition opportunities in Africa to grow its portfolio of exploration and production assets.

The board is targeting onshore and shallow water opportunities, as it acknowledges that the company’s resources do not currently make it feasible to become involved in deep sea projects.

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.

So its needs to fall by about 60% to get to fair value of cash in the bank then.



...........the market capitalisation is A$42 million and on closure of the farm-out deals, the company will have about A$15 million in cash to contribute to new projects,” Howell told shareholders................

What entry price are you looking for pro ?lol

I might get interested if it fell to about 8p to 9p levels - but above that its grossly overvalued in my view.

Oil was the flavour of the day among the brokers as they cast their eye over a flurry of news from the small cap sector.

Tangiers Petroleum (LON:TPET) could become a major player in the African E&P sector, according to broker Shore Capital.

Analyst Craig Howie’s note on the company comes as it revealed is intent to pick up onshore and shallow water assets in the continent having recently shored up its financial base.

“Tangiers is also looking to add new assets to its portfolio in Africa, focusing on low cost onshore and shallow water opportunities; with the funding position now significantly reinforced, we see considerable risked upside potential and scope for Tangiers to become a leading independent, African-focused E&P,” Howie said.

.............we see considerable risked upside potential and scope for Tangiers to become a leading independent, African-focused E&P,”..........



I have a Euro lottery ticket for tonight, based on that there is considerable potential upside for my finances in the future and scope for me to become one of the richest people.

Want to buy shares in me and my lottery ticket with this potential and scope ????????

LOL - meaningless words................ like IF and MAYBE

What else can they say ? They can hardly say they will hit oil. lol . You do best sticking to ramping trap oil . :-))


AGAIN I AM NOT INVESTED IN TANGIERS PETROLEUM.

UP over 5% today

With thses type of companies you can make money out of other people chasing the fever of a potential oil find it's just knowing when to get out unlike buying a lottery ticket.

Gumshoe, the thing is TPET are not drilling in all likelihood in 2013. So you have a long wait for the chase.......... LOL

MM's have been playing with stocks this week, bumping them up 5% and seeing if they can drum up some buying. Lots of people will only buy when they see the price up 5%, so the MM's duly oblige and they suck people in.......

Seen it on CHAR, FOGL, BLVN and many other oilers.........

Good rise today.