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/

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

Tangiers Petroleum "downside very limited" at current share price, broker says
11:26 am by Ian LyallGray has a price target of 106 pence a share, which represents a huge premium to the current valuation of 18.21 pence.

There is very limited downside at the current share price for investors in Tangiers Petroleum (LON:TPET, ASX:TPT), according to broker Old Park Lane, which updated its research following the company’s annual results earlier.

Analyst Barney Gray said 2012 has been something of a breakthrough year for the explorer. It signed a farm-out on its Tarfaya block in Morocco and a heads of agreement for its assets in Australia.

The two deals have a value of US$68mln, while Old Park Lane estimates Tangiers is sitting on cash of around US$14mln.

Gray has a price target of 106 pence a share, which represents a huge premium to the current valuation of 18.21 pence.

In a note to clients the analyst said: “The management will soon have a war chest with which to pursue additional opportunities in Africa.

“With a number of high impact milestones expected in 2013, we believe that there is very limited downside in the share price.”

Earlier, the group confirmed the next leg of its growth strategy will see the Tangiers pursue new opportunities.

And the preference is for exploration and production opportunities in shallow-water and onshore petroleum assets in Africa, chairman Eve Howell told investors.

“Opportunities in new permit acquisitions, farm-in agreements, mergers and corporate acquisitions will be considered recognising the company's financial capabilities and its logistical limitations,” she said.

“Above all, in capitalising on the opportunities in our chosen region of growth, the board will be keeping foremost in mind the benefit to the existing shareholders of Tangiers.”
------------------------------------------------------------------------------------------------



Tangiers Petroleum is ideally placed for next leg of growth strategy, says chairman
8:59 am by Jamie AshcroftThe next leg of Tangier’s growth strategy will see the firm pursue new opportunities in shallow-water and onshore petroleum assets in Africa.


The next leg of Tangier’s growth strategy will see the firm pursue new opportunities in shallow-water and onshore petroleum assets in Africa.


Tangiers Petroleum (LON:TPET, ASX:TPT) is now ideally placed for the next leg of its growth strategy following the successful completion of a ‘crisis turn-around’, said chairman Eve Howell.

In the firm’s results statement, for the twelve months to December 31 2012, Howell highlighted that prior to agreeing farm-out deals for its assets in Morocco and Australia Tangiers had less than $1mln in cash and imminent obligations in excess of $70mln.

But, as a result of the separate farm-out deals Tangiers expects to have $14mln in the bank and it will be fully funded for all its exploration commitments until the end of next year.

It also retains significant interests in the two projects – with a 25% interest in the Moroccan assets, and a 27% stake in the Australian project.

The next leg of Tangier’s growth strategy will see the firm pursue new opportunities.

And the preference is for exploration and production opportunities in shallow-water and onshore petroleum assets in Africa, Howell told investors.

“Opportunities in new permit acquisitions, farm-in agreements, mergers and corporate acquisitions will be considered recognising the company's financial capabilities and its logistical limitations,” she said.

“Above all, in capitalising on the opportunities in our chosen region of growth, the board will be keeping foremost in mind the benefit to the existing shareholders of Tangiers.”

Tangiers Petroleum considering new opportunities in Africa
By Proactive Investors

April 29 2013, 8:01am Operationally, key activities in the three months has been planning for its first exploration well offshore Morocco on the Tarfaya block and the tender process for the rig has started, it addedOperationally, key activities in the three months has been planning for its first exploration well offshore Morocco on the Tarfaya block and the tender process for the rig has started, it added

Tangiers Petroleum (LON:TPET) has been assessing new ventures in "several" African countries in the quarter to end March, it said, releasing a quarterly report.

"This has included farm-in opportunities both onshore and in shallow offshore waters in a number of prospective basins. Potential corporate deals are also being considered," it said in the statement.

Operationally, key activities in the three months have been planning for its first exploration well offshore Morocco on the Tarfaya block and the tender process for the rig has started, it added.

In addition, a joint working plan has been set up with Galp Energia as part of the plan towards Galp Energia assuming operatorship.

Another highlight of the quarter for the licence, in which the firm holds a 75% stake, was first results, which have identified a number of potential source rocks along with two oil stained samples which warrant further analysis.

For the three months, the firm recorded a net cash outflow of A$1.421 million, while at the end of the quarter, it had net cash reserves of A$2.7 mln, excluding the US$3 million bank guarantee in Morocco.

10 May 2013
Tangiers takes another key step in growth strategy with agreement on Australian farm-out deal


http://clients2.weblink.com.au/clients/tangierspetroleum/article.asp?asx=TPT&view=6635139



10 May 2013
CWH and Tangiers enter into final agreement


http://clients2.weblink.com.au/clients/tangierspetroleum/article.asp?asx=TPT&view=6635140