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/

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.

Up 5.5% today Mr PRO. LOL

Tangiers Petroleum expected to make significant progress, says Old Park Lane
2:34 pm by Giles GwinnettOperationally, the firm said a 3D seismic survey was completed over the Trident, Assaka and TMA prospects in the Tarfaya block, confirming these three as prospects

Old Park Lane Capital expects "significant" progress from Tangiers Petroleum (ASX:TPT, LON:TPET) in the next 12 months, driven by positive operational newsflow.

Earlier, the firm unveiled a quarterly report, when it highlighted two separate farm-out deals for its assets in Morocco and Australia struck last month.

Portuguese major Galp Energia is to take a 50% stake in the Tarfaya acreage, off the Moroccan coast, in a US$41mln deal, which includes a payment of up to US$7.5mln of Tangiers Petroleum’s past cost.

Tangiers will retain a 25% stake in Tarfaya and it will be carried for its share of exploration costs over the two year exploration period.

Tangier’s cash reserves will be further augmented by the return of a US$3 mln bank guarantee upon Moroccan government approval of the deal.

Meanwhile, also last month, in Australia, a A$35mln deal was struck, which sees CWH Resources (ASX:CWH) take a 70% stake in the company's exploration acreage off the coast of Western Australia and the Northern Territory.

Operationally, the firm said a 3D seismic survey was completed over the Trident, Assaka and TMA prospects in the Tarfaya block, confirming these three as prospects.

Tangiers recorded a net cash inflow of A$2.2 mln for the period, while as at December 31, it had net cash reserves of $4.2 million, excluding the US$3 million bank guarantee in Morocco.

Old Park analyst Barney Gray said: "The company is already well funded and substantial additional cash is anticipated upon the final approval for the Tarfaya farm-out from the Moroccan authorities."

He also noted: "Tangiers has strengthened its management with the appointment of Robert Dalton as CFO and the company looks set to move into the next tier of frontier explorers.

"Tangiers has brought strong partners into its core assets while retaining material interests in a portfolio of exploration activities that is now fully funded for the next two years. We anticipate significant progress over the next twelve months driven by positive operational news flow."


31 January 2013
QUARTERLY REPORT
Report on Activities for the Quarter ended 31 December 2012


http://clients2.weblink.com.au/clients/tangierspetroleum/article.asp?asx=TPT&view=6623014

DJ Carmichael - December Quarter 2012 Update

31 January 2013

TPT has completed a successful December quarter highlighted by the delivery of two material farm-out transactions. In addition, TPT s balance sheet has been significantly strengthened following a capital raising and the expected inflow of back-costs due following final approval of the Tarfaya farm-out to Galp. We believe TPT offers investors high leverage to significant exploration programs which will be fully funded (post approvals) and has a high calibre management team which has delivered material transactions in a short timeframe. We maintain our Speculative Buy recommendation with a slightly reduced price target of $1.55/sh.

Key Points:

Farm-outs reduce funding risk and provide attractive see-through value. TPT was successful in negotiating two material farm-out agreements in the December quarter which has reduced its near term funding risk and provided an attractive see-through value to TPT s assets. The two farm-outs are worth a total value of ~$76m for its Tarfaya offshore block, Morocco and its WA-442-P and NT/P81 blocks, offshore WA and NT, Australia. The total value of these farm-outs imply a see-through value of ~$0.25/sh to TPT which underpins a significant amount of TPT s current share price while providing investors with high leverage to major exploration programs which will be fully funded. Furthermore, TPT has retained a material interest across all permits post farmout (25% in Morocco and 27% offshore Australia).

Balance sheet strengthened. TPT took significant steps to strengthen its financial position during 2H CY2012 in which it completed a $7.2m capital raising (two tranche placement and Share Purchase Plan). At the end of the quarter, TPT had $4.2m cash which will be substantially increased on completion of the Galp farm-in agreement with $US7.5m in back costs and the return of a $3m bank guarantee resulting in a cash
position of over $14m. We believe this will place TPT is in an enviable funding position to further build its asset base.

Newsflow in 2013 to be driven by new ventures activity. We believe that despite the attractive farm-outs secured the market has been reluctant to provide fair value to TPT's share price. In our view this is due to the long dated expected drilling time for both Tarfaya offshore (1Q CY2014) and WA-442-P and NT/P81 blocks (1Q CY2014). However, management is advancing discussions on new venture opportunities supported by potential drilling activity in CY2013. We believe new venture acquisitions will be the key catalyst for TPT in 2013.

Management delivering. Since the appointment of Eve Howell as Executive Chairman, TPT has delivered two material farm-outs which have mitigated exploration funding commitments, significantly strengthened its balance sheet and is advancing new venture opportunities to further build its African focused asset portfolio. We believe management will continue to deliver value accretive transactions going forward resulting in material share price upside

Tangiers Petroleum reveals oil potential at Trident prospect in Morocco
Mon 04 Feb 2012
Tangiers Petroleum Ltd (DI) 21.62p -4.42%

FTSE AIM All-Share 738 -0.40%

LONDON (SHARECAST) - Tangiers Petroleum on Monday said seismic data confirmed its Trident prospect in offshore Morocco contained an estimated 750m barrels of recoverable oil.

The company has also upgraded the geological chance of success of the well from the previously advised 14% to 23%. The mean potential reserves are in line with estimates.

Tangiers retains a 25% interest in the block under a farm-out agreement struck with Portuguese major Galp Energia last December.

Galp will spend $41m, including reimbursement of $7.5m to Tangiers for costs it has incurred. The transaction is subject to approvals from the Moroccan government.

The prospect will be drilled before mid-2014.

"The growing interest shown in this area by several well-regarded companies, combined with our own assessments of the geology, highlights the substantial potential of the Tarfaya block," Tangiers Executive Chairman Eve Howell said.

"The Trident prospect alone is a potential company-maker and we have already identified several other Jurassic prospects in the block. With Galp carrying the cost of the first well, Tangiers has a significant exposure to this upside while also being free to pursue our strategy of acquiring other growth assets in Africa."

Shares in Tangiers fell 5.52% to 21.38p at 10:16 Monday.

Broker Old Park Lane Capital believes Morocco is fast becoming one of the world’s “most exciting offshore exploration plays”.

This is good news for Tangiers Petroleum (LON:TPET), which has revealed a 3D seismic programme had uncovered a company-making 750 million barrel potential at its Tarfaya block off the coast of the African country.

The data confirms that the Trident prospect and secondary objectives at Assaka and TMA potentially contain up to 750 million barrels of recoverable oil with a geological success rate of 23%, it said.

Analyst Barney Gray at Old Park Lane said: “Based on the published work programmes of companies located in the region, including Tangiers, we anticipate up to four high impact exploration wells targeting the Jurassic Carbonate fairway over the next 12-18 months.

“Consequently, we expect Tangiers share price to rally over the next twelve months driven by positive operational news flow.”

Broker RFC Ambrian chipped in with its verdict: “After a successful fourth quarter (it announced two farm-out deals), Tangiers is well placed to continue to seek out interests in new African licences.”

The broker reiterated its ‘speculative buy’ rating on Tangiers.

Issue of Equity
PRNW


14 February 2013

TANGIERS PETROLEUM LIMITED

ISSUE OF EQUITY

Tangiers Petroleum Limited (the Company) announces that it has issued 12,500
fully paid ordinary shares as a result of the exercise of options in the
Company at an exercise price of A$0.16.

The Company has applied for the new shares to be admitted to trading on both
the ASX and AIM markets. Trading in the new shares on AIM is expected to
commence on or around 19 February 2013.

Following the above issue, the Company has the following securities on issue:

Number Class

130,442,076 Fully paid ordinary shares

44,137,145 ASX-listed Options (TPTOA) exercisable at A$0.16 on or before 31
October 2013

1,000,000 Unlisted options exercisable at A$0.22 on or before 19 July 2014

6,000,000 Unlisted options exercisable at A$0.60 on or before 16 December
2014

1,000,000 Unlisted options exercisable at A$0.22 on or before 16 December
2014

500,000 Unlisted options exercisable at A$0.50 on or before 2 April 2015

3,274,124 Unlisted options exercisable at A$0.60 on or before 2 April 2015

3,500,000 Unlisted options exercisable at A$0.70 on or before 2 April 2015

300,000 Unlisted options exercisable at A$0.70 on or before 10 April
2016

213,733 Unlisted options exercisable at GBP£0.256 on or before 19
November 2015

487,230 Unlisted options exercisable at GBP£0.242 on or before 19
November 2015

2,000,000 Unlisted options exercisable at A0.$28 on or before 26 November
2015 (voluntary escrow for 12 months to 26 November 2013)

1,500,000 Unlisted options exercisable at A0.$28 on or before 26 November
2015 (vesting conditions apply)

3,000,000 Unlisted options exercisable at A0.$28 on or before 26 November
2015

Investor presentation 2013

http://clients2.weblink.com.au/clients/tangierspetroleum/article.asp?asx=TPT&view=6626913