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88 Energy (88E)
dreamcatcher
- 03 Feb 2012 08:36
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/
dreamcatcher
- 24 Oct 2013 20:26
- 206 of 494
Thanks Bullshare.
Admission to the London Aim on 3rd Feb 2012. Achieved very little. Disappointing to see the company may walk away from the Australian permits due to the high costs of operating in the country. Waiting for a sp bounce and I think I will bounce out too.
As I see it,these Australian oil comps seem to put out a good initial write up and through delays/changed company plans and new management they go off in a different direction to why you were initially drawn to invest in that company in the first place.
Admission to the London Aim on 3rd Feb 2012. Achieved very little. Disappointing to see the company may walk away from the Australian permits due to the high costs of operating in the country. Waiting for a sp bounce and I think I will bounce out too.
As I see it,these Australian oil comps seem to put out a good initial write up and through delays/changed company plans and new management they go off in a different direction to why you were initially drawn to invest in that company in the first place.
dreamcatcher
- 28 Oct 2013 16:15
- 207 of 494
More equity being released.
dreamcatcher
- 22 May 2014 15:27
- 208 of 494
BIG PICTURE - Tangiers shares on the march as market tunes into company-making potential of Morocco
By Ian Lyall
May 22 2014, 11:19am
Operator Galp is chasing three stacked targets: Assaka in the Upper Jurassic; the main target Trident in the Middle Jurassic and will move on to TMA if the well is deemed a success.
Operator Galp is chasing three stacked targets: Assaka in the Upper Jurassic; the main target Trident in the Middle Jurassic and will move on to TMA if the well is deemed a success.
Investors in Tangiers Petroleum (LON:TPET, ASX:TPT) will know soon if the Tarfaya block off the coast of Morocco holds the huge, company-making promise suggested by the pre-drill data.
For the AIM and ASX-listed oil explorer has confirmed work will get underway on its first well in mid to late June.
This follows the mobilisation of the Ralph Coffman jack-up rig (pictured), which will target a “best estimate” 758mln barrels of the black stuff.
With 25% of the block, this represents an unrisked prospective resource net to Tangiers of 190mln barrels.
So TAO-1 fits the very definition of a company-maker, particularly when you consider the group has a market capitalisation of just £21mln.
It is operated by Portugal’s Galp Energia, which has 50%, with the remaining stake is owned by ONHYM, the state-controlled oil company.
Tangiers managing director Dave Wall described TAO-1 as a “highly attractive prospect for Tangiers' shareholders”.
"It is a very large structure located in shallow water within a proven play fairway and adjacent to an existing oil discovery," he said.
"All the ingredients required for exploration success are present in the region, giving Tangiers, and its shareholders, a good chance of success at TAO-1."
Galp is chasing three stacked targets: Assaka in the Upper Jurassic; the main target Trident in the Middle Jurassic and will move on to TMA if the well is deemed a success.
The shares, up a third in the past week, advanced another 10% 13.2p each in morning trade.
Galp is expected to have drilled Assaka by mid-July and Trident by late August, according to director Steve Staley, who knows all about frontier exploration following his time with Cove Energy.
“As is common in these offshore wells, there is no major testing,” he told Proactive Investors.
“With modern technology there is a lot of logging that is going to tell you a lot.”
A 110-metre oil column was discovered on the nearby Cap Juby licence being developed by Cairn Energy and Genel.
However the crude was of the heavy variety, which is more difficult to extract and transport.
“This is encouraging, but we think we are in a better position to find light oil,” said Staley comparing Tarfaya with the Cap Juby discovery.
“There are two questions. The first is heavy oil versus light oil, the other is reservoir quality and we have addressed these pre-drill.”
Much of this work has focused on the primary Trident target as a thorough analysis of the 3D and 2D seismic data, as well as close inspection of the geology beneath the Atlantic Ocean, identified the drill site for TAO-1.
“We have done much to reduce the risk of finding a bad quality reservoir,” said Staley.
“We are carrying a 21% chance of success number. But that figure predates a lot of [seismic interpretation] work.
“Tangiers did a competent persons report before the 3D was shot and interpreted. “Galp has looked at the chance of success and is running with a substantially higher chance of success.”
By Ian Lyall
May 22 2014, 11:19am
Operator Galp is chasing three stacked targets: Assaka in the Upper Jurassic; the main target Trident in the Middle Jurassic and will move on to TMA if the well is deemed a success.
Operator Galp is chasing three stacked targets: Assaka in the Upper Jurassic; the main target Trident in the Middle Jurassic and will move on to TMA if the well is deemed a success.
Investors in Tangiers Petroleum (LON:TPET, ASX:TPT) will know soon if the Tarfaya block off the coast of Morocco holds the huge, company-making promise suggested by the pre-drill data.
For the AIM and ASX-listed oil explorer has confirmed work will get underway on its first well in mid to late June.
This follows the mobilisation of the Ralph Coffman jack-up rig (pictured), which will target a “best estimate” 758mln barrels of the black stuff.
With 25% of the block, this represents an unrisked prospective resource net to Tangiers of 190mln barrels.
So TAO-1 fits the very definition of a company-maker, particularly when you consider the group has a market capitalisation of just £21mln.
It is operated by Portugal’s Galp Energia, which has 50%, with the remaining stake is owned by ONHYM, the state-controlled oil company.
Tangiers managing director Dave Wall described TAO-1 as a “highly attractive prospect for Tangiers' shareholders”.
"It is a very large structure located in shallow water within a proven play fairway and adjacent to an existing oil discovery," he said.
"All the ingredients required for exploration success are present in the region, giving Tangiers, and its shareholders, a good chance of success at TAO-1."
Galp is chasing three stacked targets: Assaka in the Upper Jurassic; the main target Trident in the Middle Jurassic and will move on to TMA if the well is deemed a success.
The shares, up a third in the past week, advanced another 10% 13.2p each in morning trade.
Galp is expected to have drilled Assaka by mid-July and Trident by late August, according to director Steve Staley, who knows all about frontier exploration following his time with Cove Energy.
“As is common in these offshore wells, there is no major testing,” he told Proactive Investors.
“With modern technology there is a lot of logging that is going to tell you a lot.”
A 110-metre oil column was discovered on the nearby Cap Juby licence being developed by Cairn Energy and Genel.
However the crude was of the heavy variety, which is more difficult to extract and transport.
“This is encouraging, but we think we are in a better position to find light oil,” said Staley comparing Tarfaya with the Cap Juby discovery.
“There are two questions. The first is heavy oil versus light oil, the other is reservoir quality and we have addressed these pre-drill.”
Much of this work has focused on the primary Trident target as a thorough analysis of the 3D and 2D seismic data, as well as close inspection of the geology beneath the Atlantic Ocean, identified the drill site for TAO-1.
“We have done much to reduce the risk of finding a bad quality reservoir,” said Staley.
“We are carrying a 21% chance of success number. But that figure predates a lot of [seismic interpretation] work.
“Tangiers did a competent persons report before the 3D was shot and interpreted. “Galp has looked at the chance of success and is running with a substantially higher chance of success.”
dreamcatcher
- 30 May 2014 15:50
- 209 of 494
Can see these doing well in the lead up to the drill.
dreamcatcher
- 30 May 2014 16:01
- 210 of 494
Tangiers Petroleum's momentum continues on Tarfaya block potential
By Ian Lyall
May 30 2014, 11:42am
Investors are betting on the success of TAO-1 well, to be drilled by the Portuguese firm Galp, which has 50% of the block
Investors are betting on the success of TAO-1 well, to be drilled by the Portuguese firm Galp, which has 50% of the block
Shares in Tangiers Petroleum (LON:TPET, ASX:TPT) were up 12% as investors continued to tune into the significant potential of the Tarfaya block off the coast of Morocco.
Friday’s move builds on the momentum seen since May 16. In that time the stock has risen 48%.
Investors are betting on the success of TAO-1 well, to be drilled by the Portuguese firm Galp, which has 50% of the block.
Work is set to get underway in the middle to late next month targeting 758mln ‘unrisked’ barrels of crude – so the prize is huge for Tangiers, which is sitting on a 25% stake in the block.
“Tangiers Petroleum is a chance to invest in a pure-play, binary exploration well with potentially very large upside,” said research house Edison.
Its risked exploration net asset value for Tangiers is 39p a share – almost triple the current price of 14p.
Operator Galp is chasing three stacked targets: Assaka in the Upper Jurassic; the main target Trident in the Middle Jurassic and will move on to TMA if the well is deemed a success.
The shares, up a third in the past week, advanced another 10% 13.2p each in morning trade.
Galp is expected to have drilled Assaka by mid-July and Trident by late August, according to director Steve Staley, who knows all about frontier exploration following his time with Cove Energy.
“As is common in these offshore wells, there is no major testing,” he told Proactive Investors.
“With modern technology there is a lot of logging that is going to tell you a lot.”
A 110-metre oil column was discovered on the nearby Cap Juby licence being developed by Cairn Energy and Genel.
However the crude was of the heavy variety, which is more difficult to extract and transport.
“This is encouraging, but we think we are in a better position to find light oil,” said Staley comparing Tarfaya with the Cap Juby discovery.
“There are two questions. The first is heavy oil versus light oil, the other is reservoir quality and we have addressed these pre-drill.”
Much of this work has focused on the primary Trident target as a thorough analysis of the 3D and 2D seismic data, as well as close inspection of the geology beneath the Atlantic Ocean, identified the drill site for TAO-1.
“We have done much to reduce the risk of finding a bad quality reservoir,” said Staley.
“We are carrying a 21% chance of success number. But that figure predates a lot of [seismic interpretation] work.
“Tangiers did a competent persons report before the 3D was shot and interpreted.
“Galp has looked at the chance of success and is running with a substantially higher chance of success.”
At 11.30am, the stock was changing hands for 14.13p, for a rise of 1.63p.
“Success will see very material upside, while a failure would mean that Tangiers would likely have to start at the drawing board with limited cash resources but an ambitious management,” said Edison.
“With Tangiers, investors have the potential for material, near-term drilling with significant upside in the case of success.”
By Ian Lyall
May 30 2014, 11:42am
Investors are betting on the success of TAO-1 well, to be drilled by the Portuguese firm Galp, which has 50% of the block
Investors are betting on the success of TAO-1 well, to be drilled by the Portuguese firm Galp, which has 50% of the block
Shares in Tangiers Petroleum (LON:TPET, ASX:TPT) were up 12% as investors continued to tune into the significant potential of the Tarfaya block off the coast of Morocco.
Friday’s move builds on the momentum seen since May 16. In that time the stock has risen 48%.
Investors are betting on the success of TAO-1 well, to be drilled by the Portuguese firm Galp, which has 50% of the block.
Work is set to get underway in the middle to late next month targeting 758mln ‘unrisked’ barrels of crude – so the prize is huge for Tangiers, which is sitting on a 25% stake in the block.
“Tangiers Petroleum is a chance to invest in a pure-play, binary exploration well with potentially very large upside,” said research house Edison.
Its risked exploration net asset value for Tangiers is 39p a share – almost triple the current price of 14p.
Operator Galp is chasing three stacked targets: Assaka in the Upper Jurassic; the main target Trident in the Middle Jurassic and will move on to TMA if the well is deemed a success.
The shares, up a third in the past week, advanced another 10% 13.2p each in morning trade.
Galp is expected to have drilled Assaka by mid-July and Trident by late August, according to director Steve Staley, who knows all about frontier exploration following his time with Cove Energy.
“As is common in these offshore wells, there is no major testing,” he told Proactive Investors.
“With modern technology there is a lot of logging that is going to tell you a lot.”
A 110-metre oil column was discovered on the nearby Cap Juby licence being developed by Cairn Energy and Genel.
However the crude was of the heavy variety, which is more difficult to extract and transport.
“This is encouraging, but we think we are in a better position to find light oil,” said Staley comparing Tarfaya with the Cap Juby discovery.
“There are two questions. The first is heavy oil versus light oil, the other is reservoir quality and we have addressed these pre-drill.”
Much of this work has focused on the primary Trident target as a thorough analysis of the 3D and 2D seismic data, as well as close inspection of the geology beneath the Atlantic Ocean, identified the drill site for TAO-1.
“We have done much to reduce the risk of finding a bad quality reservoir,” said Staley.
“We are carrying a 21% chance of success number. But that figure predates a lot of [seismic interpretation] work.
“Tangiers did a competent persons report before the 3D was shot and interpreted.
“Galp has looked at the chance of success and is running with a substantially higher chance of success.”
At 11.30am, the stock was changing hands for 14.13p, for a rise of 1.63p.
“Success will see very material upside, while a failure would mean that Tangiers would likely have to start at the drawing board with limited cash resources but an ambitious management,” said Edison.
“With Tangiers, investors have the potential for material, near-term drilling with significant upside in the case of success.”
skyhigh - 01 Jun 2014 20:17 - 211 of 494
bought in last week a couple of times...looking good!
dreamcatcher
- 02 Jun 2014 16:54
- 212 of 494
26% rise today.
dreamcatcher
- 02 Jun 2014 17:19
- 213 of 494
Tangiers Petroleum (LON:TPET) also kept up its steep rise, jumping another 15% to 16.3p.
Investors are betting on the success of TAO-1 well offshore Morocco to be drilled by the Portuguese firm Galp, which has 50% of the block.
http://www.proactiveinvestors.co.uk/companies/market_reports/69052/market-movers-leni-gas-oil-union-jack-oil-golden-saint-resources-tangiers-petroleum-bglobal-0000.html
----------------------------------------------------------------------------------------------
Edison equity research available
RNS
RNS Number : 4552I
Tangiers Petroleum Ltd
30 May 2014
Edison Investment Research initiates coverage on Tangiers Petroleum.
Tangiers Petroleum is a chance to invest in a pure-play, binary exploration well with potentially very large upside. The company holds a 25% working interest in the Tarfaya offshore block, Morocco. Together with operator GALP, Tangiers will be drilling the TAO-1 well, targeting up to 758mmbbl unrisked potential across three horizons, with a projected mid-June spud date. With the recent successful equity raise in May and partial carry from GALP, the company should be fully funded to drill the estimated US$75m well. Attractive fiscal terms imply that a discovery of any size would be a transformational event for Tangiers. Our RENAV, based on a risked TAO-1 well, is 39p/share, though success could see multiples of this.
Tangiers Petroleum is an ASX- and AIM-listed, Perth-based E&P with a 25% working interest in the Tarfaya Offshore Block, Morocco. The TAO-1 well, targeting 758mmbbl gross best estimate, is due to spud in June.
Investors are betting on the success of TAO-1 well offshore Morocco to be drilled by the Portuguese firm Galp, which has 50% of the block.
http://www.proactiveinvestors.co.uk/companies/market_reports/69052/market-movers-leni-gas-oil-union-jack-oil-golden-saint-resources-tangiers-petroleum-bglobal-0000.html
----------------------------------------------------------------------------------------------
Edison equity research available
RNS
RNS Number : 4552I
Tangiers Petroleum Ltd
30 May 2014
Edison Investment Research initiates coverage on Tangiers Petroleum.
Tangiers Petroleum is a chance to invest in a pure-play, binary exploration well with potentially very large upside. The company holds a 25% working interest in the Tarfaya offshore block, Morocco. Together with operator GALP, Tangiers will be drilling the TAO-1 well, targeting up to 758mmbbl unrisked potential across three horizons, with a projected mid-June spud date. With the recent successful equity raise in May and partial carry from GALP, the company should be fully funded to drill the estimated US$75m well. Attractive fiscal terms imply that a discovery of any size would be a transformational event for Tangiers. Our RENAV, based on a risked TAO-1 well, is 39p/share, though success could see multiples of this.
Tangiers Petroleum is an ASX- and AIM-listed, Perth-based E&P with a 25% working interest in the Tarfaya Offshore Block, Morocco. The TAO-1 well, targeting 758mmbbl gross best estimate, is due to spud in June.
dreamcatcher
- 05 Jun 2014 17:51
- 214 of 494
EXCEPTIONAL LEVERAGE TO UPCOMING DRILL
http://www.tangierspetroleum.com.au/wp-content/uploads/2014/06/Foster-Stockbroking-Research-Article.pdf
http://www.tangierspetroleum.com.au/wp-content/uploads/2014/06/Foster-Stockbroking-Research-Article.pdf
dreamcatcher
- 06 Jun 2014 16:24
- 215 of 494
Messy past but climbing nice.
dreamcatcher
- 06 Jun 2014 16:27
- 216 of 494
Tangiers Petroleum – RFC Ambrian predicts upside of a TAO success
By Jamie Ashcroft
June 06 2014, 4:05pm
Tangiers Petroleum – RFC Ambrian predicts upside of a TAO success
Tangiers Petroleum (LON:TPT, ASX:TPET) shares could be worth three times their current value, says house broker RFC Ambrian.
Analyst Stuart Amor, in a note, says the result of the TAO well, offshore Morocco, is the main catalyst.
As a result of a farm-out deal, the company’s 25% stake in the TAO well is ‘carried’ by Galp (up to US$33mln), and after a small recent fund raise Tangier’s now considers the programme ‘fully funded’.
TAO, which is due to spud later this month, has three targets estimated to total 750mln barrels of recoverable oil resources – the main target, Trident, is thought to contain 450mln.
Amor says a discovery could be relatively cheap to commercialise.
“Tangiers’ main prospects are in 100m of water, meaning that in the case of a commercial discovery any development project would be far less costly than a similarly sized deepwater discovery,” he said.
“The combination of large prospect size, shallow water location and the Moroccan fiscal regime means that we estimate that the Trident prospect is worth US$156m (A¢65/share) risked and US$2,245m (A¢940/share) unrisked.”
RFC Ambrian rates Tangiers as a ‘speculative buy’ with a 48.2p price target.
Moreover, the broker says Tangiers could even be worth as much as 182p by the end of the year if the drilling is a success. Amor does, however, acknowledge that it is a high risk proposition and he estimates that failure could see the shares fall to as little as 0.7p per share.
By Jamie Ashcroft
June 06 2014, 4:05pm
Tangiers Petroleum – RFC Ambrian predicts upside of a TAO success
Tangiers Petroleum (LON:TPT, ASX:TPET) shares could be worth three times their current value, says house broker RFC Ambrian.
Analyst Stuart Amor, in a note, says the result of the TAO well, offshore Morocco, is the main catalyst.
As a result of a farm-out deal, the company’s 25% stake in the TAO well is ‘carried’ by Galp (up to US$33mln), and after a small recent fund raise Tangier’s now considers the programme ‘fully funded’.
TAO, which is due to spud later this month, has three targets estimated to total 750mln barrels of recoverable oil resources – the main target, Trident, is thought to contain 450mln.
Amor says a discovery could be relatively cheap to commercialise.
“Tangiers’ main prospects are in 100m of water, meaning that in the case of a commercial discovery any development project would be far less costly than a similarly sized deepwater discovery,” he said.
“The combination of large prospect size, shallow water location and the Moroccan fiscal regime means that we estimate that the Trident prospect is worth US$156m (A¢65/share) risked and US$2,245m (A¢940/share) unrisked.”
RFC Ambrian rates Tangiers as a ‘speculative buy’ with a 48.2p price target.
Moreover, the broker says Tangiers could even be worth as much as 182p by the end of the year if the drilling is a success. Amor does, however, acknowledge that it is a high risk proposition and he estimates that failure could see the shares fall to as little as 0.7p per share.
dreamcatcher
- 09 Jun 2014 17:04
- 217 of 494
Investor Presentation
PRNW
9 June 2014
TANGIERS PETROLEUM LIMITED
Investor Presentation
Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) wishes to advise that a copy
of the Company's latest Investor Presentation (June 2014) is available on the
Company's website at www.tangierspetroleum.com.au.
dreamcatcher
- 26 Jun 2014 16:58
- 218 of 494
Tangiers shares spike 12% as Morocco drilling begins
By Ian Lyall
June 26 2014, 11:48am
The stock, up almost 50% in the last three months, advanced 1.68p to 15.31p.
The stock, up almost 50% in the last three months, advanced 1.68p to 15.31p.
Shares in Tangiers Petroleum (ASX:TPT; LON:TPET) rose 12% after it said drilling has begun on the Galp Energia-operated TAO-1 exploration well offshore Morocco.
The Ralph Coffman jack-up rig will test up to three stacked targets: Assaka in the Upper Jurassic; the main target Trident in the Middle Jurassic and will move on to TMA if the well is deemed a success.
It is expected to take around two months to intersect the first two oil horizons.
Tangiers owns 25% of the Tarfaya block that’s host to the TAO well, which is targeting a huge hydrocarbon bounty of 758mln barrels of oil equivalent, or 190mln barrels net to the AIM and ASX-listed group.
The TAO-1 well is located within a proven petroleum system and is next to Cairn Energy and Genel Cap Juby heavy oil discovery.
TAO-1 is the very definition of a company-maker, particularly when you consider the Tangiers has a market capitalisation of just under £28mln.
A 110-metre oil column was discovered on Cap Juby; however, the crude was of the heavy variety, which is more difficult to extract and transport.
“This is encouraging, but we think we are in a better position to find light oil,” Tangiers director Steve Staley told Proactive Investors recently.
“There are two questions. The first is heavy oil versus light oil, the other is reservoir quality and we have addressed these pre-drill.”
Much of this work has focused on the primary Trident target as a thorough analysis of the 3D and 2D seismic data, as well as close inspection of the geology beneath the Atlantic Ocean, identified the drill site for TAO-1.
“We have done much to reduce the risk of finding a bad quality reservoir,” said Staley.
“We are carrying a 21% chance of success number, but that figure predates a lot of [seismic interpretation] work.
“Tangiers did a competent person's report before the 3D was shot and interpreted.
“Galp has looked at the chance of success and is running with a substantially higher chance of success.”
The stock, up almost 50% in the last three months, advanced 1.68p to 15.31p.
By Ian Lyall
June 26 2014, 11:48am
The stock, up almost 50% in the last three months, advanced 1.68p to 15.31p.
The stock, up almost 50% in the last three months, advanced 1.68p to 15.31p.
Shares in Tangiers Petroleum (ASX:TPT; LON:TPET) rose 12% after it said drilling has begun on the Galp Energia-operated TAO-1 exploration well offshore Morocco.
The Ralph Coffman jack-up rig will test up to three stacked targets: Assaka in the Upper Jurassic; the main target Trident in the Middle Jurassic and will move on to TMA if the well is deemed a success.
It is expected to take around two months to intersect the first two oil horizons.
Tangiers owns 25% of the Tarfaya block that’s host to the TAO well, which is targeting a huge hydrocarbon bounty of 758mln barrels of oil equivalent, or 190mln barrels net to the AIM and ASX-listed group.
The TAO-1 well is located within a proven petroleum system and is next to Cairn Energy and Genel Cap Juby heavy oil discovery.
TAO-1 is the very definition of a company-maker, particularly when you consider the Tangiers has a market capitalisation of just under £28mln.
A 110-metre oil column was discovered on Cap Juby; however, the crude was of the heavy variety, which is more difficult to extract and transport.
“This is encouraging, but we think we are in a better position to find light oil,” Tangiers director Steve Staley told Proactive Investors recently.
“There are two questions. The first is heavy oil versus light oil, the other is reservoir quality and we have addressed these pre-drill.”
Much of this work has focused on the primary Trident target as a thorough analysis of the 3D and 2D seismic data, as well as close inspection of the geology beneath the Atlantic Ocean, identified the drill site for TAO-1.
“We have done much to reduce the risk of finding a bad quality reservoir,” said Staley.
“We are carrying a 21% chance of success number, but that figure predates a lot of [seismic interpretation] work.
“Tangiers did a competent person's report before the 3D was shot and interpreted.
“Galp has looked at the chance of success and is running with a substantially higher chance of success.”
The stock, up almost 50% in the last three months, advanced 1.68p to 15.31p.
dreamcatcher
- 14 Jul 2014 16:46
- 219 of 494
Tangiers Petroleum says Morocco drilling on track
By Philip Whiterow
July 14 2014, 7:41am
The TAO-1 well is located within a proven petroleum system and is next to the Cairn Energy and Genel Cap Juby heavy oil discovery.
The TAO-1 well is located within a proven petroleum system and is next to the Cairn Energy and Genel Cap Juby heavy oil discovery.
Tangiers Petroleum (ASX:TPT; LON:TPET) has provided the briefest of updates on the TAO-1 exploration well offshore Morocco, operated by Portuguese explorer Galp Energia.
It told investors: “No major operational issues have occurred to date and the well is expected to intersect the Assaka and Trident objectives within 60 days from spud, as previously announced.”
It gave no information as to the depth or the formation currently being drilled as TAO-1 has been designated a “tight well”, which means the data is being kept under wraps.
Drilling began on June 26 and is targeting a huge hydrocarbon bounty of 758mln barrels of oil equivalent, or 190mln barrels net to the AIM and ASX-listed group.
The TAO-1 well is located within a proven petroleum system and is next to the Cairn Energy and Genel Cap Juby heavy oil discovery.
The well is the very definition of a company-maker, particularly when you consider the Tangiers has a market capitalisation of just under £30mln.
A 110-metre oil column was discovered on Cap Juby; however, the crude was of the heavy variety, which is more difficult to extract and transport.
Tangiers believes, because of the geology of the area, that it has a much better chance than its neighbour of discovering lighter crude.
By Philip Whiterow
July 14 2014, 7:41am
The TAO-1 well is located within a proven petroleum system and is next to the Cairn Energy and Genel Cap Juby heavy oil discovery.
The TAO-1 well is located within a proven petroleum system and is next to the Cairn Energy and Genel Cap Juby heavy oil discovery.
Tangiers Petroleum (ASX:TPT; LON:TPET) has provided the briefest of updates on the TAO-1 exploration well offshore Morocco, operated by Portuguese explorer Galp Energia.
It told investors: “No major operational issues have occurred to date and the well is expected to intersect the Assaka and Trident objectives within 60 days from spud, as previously announced.”
It gave no information as to the depth or the formation currently being drilled as TAO-1 has been designated a “tight well”, which means the data is being kept under wraps.
Drilling began on June 26 and is targeting a huge hydrocarbon bounty of 758mln barrels of oil equivalent, or 190mln barrels net to the AIM and ASX-listed group.
The TAO-1 well is located within a proven petroleum system and is next to the Cairn Energy and Genel Cap Juby heavy oil discovery.
The well is the very definition of a company-maker, particularly when you consider the Tangiers has a market capitalisation of just under £30mln.
A 110-metre oil column was discovered on Cap Juby; however, the crude was of the heavy variety, which is more difficult to extract and transport.
Tangiers believes, because of the geology of the area, that it has a much better chance than its neighbour of discovering lighter crude.
Balerboy
- 14 Jul 2014 20:14
- 220 of 494
Thought i saw somewhere 60 days drilling, so mid Aug might be interesting.,.
dreamcatcher
- 14 Jul 2014 20:34
- 221 of 494
You did Balerboy, scroll up 4 inches. :-))
The well is expected to intersect the Assaka and Trident objectives within 60 days from spud, as previously announced.
The well is expected to intersect the Assaka and Trident objectives within 60 days from spud, as previously announced.
Balerboy
- 14 Jul 2014 20:37
- 222 of 494
can't manage 4 inches anymore DC, thats where the memory comes in ;)
dreamcatcher
- 23 Jul 2014 07:08
- 223 of 494
dreamcatcher
- 28 Jul 2014 07:20
- 224 of 494
TAO-1 Operational Update
PRNW
28 July 2014
TANGIERS PETROLEUM LIMITED
TAO-1 Operational Update
Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) ("Tangiers" or the "Company")
provides the following update on the TAO-1 exploration well located in the
Tarfaya Offshore Block, Morocco.
The TAO-1 exploration well has intersected the shallowest and secondary
objective, Assaka. Based on currently available information, no hydrocarbon
shows have been encountered. A full petrophysical evaluation of the Assaka
objective will be carried out at section TD.
Drilling operations continue as planned towards the primary and largest
objective, Trident. The TAO-1 exploration well has been designed to test
Trident at its optimal location. Tangiers' interpret that success at Trident is
not co-dependent on the results from Assaka.
The Company will provide additional updates as appropriate.
About Tangiers Petroleum: Tangiers Petroleum is an Australian-based oil
explorer with assets offshore Morocco in shallow water. Tangiers has a 25 per
cent participating interest in the Tarfaya Offshore Block, which is being
operated by Galp Energia with a 50 per cent interest. The remaining 25 percent
interest is held by ONHYM (Morocco's National Office of Hydrocarbons and
Mines), which is carried through the exploration phase. The high impact TAO-1
exploration well spud on the 26th June 2014 and is expected to intersect two of
three possible objectives within 60 days from spud.
DAVE WALL
MANAGING DIRECTOR
-----------------------------------------------------------------------------------------------
UPDATE - Tangiers Petroleum: TAO-1's secondary target shows no hydrocarbons
By Philip Whiterow
July 28 2014, 12:13pm
Drilling operations continue as planned towards the primary and largest objective, Trident, Tangiers said.
-- adds broker comment--
Tangiers Petroleum’s (LON:TPET; ASX:TPT) TAO-1 exploration well in the Tarfaya block, offshore Morocco has not found any hydrocarbons at its secondary target.
The secondary objective, Assaka, was the shallowest target for TAO-1 and a full petrophysical evaluation of the objective will now be carried out.
Drilling operations continue as planned towards the primary and largest objective, Trident, Tangiers said.
“The TAO-1 exploration well has been designed to test Trident at its optimal location.
“Tangiers' interpret that success at Trident is not co-dependent on the results from Assaka,” it added.
Tangiers has a 25% participating interest in the Tarfaya Offshore block. Galp Energia has 50% with the remaining 25% held by ONHYM (Morocco's National Office of Hydrocarbons and Mines).
House broker RFC Ambrian expects the Trident objective will be reached within the next week or so.
Pre-drill, the well had a 21% chance of success, according to Galp, but RFC has now reduced its own prediction of the chance of success to 14%.
It has downgraded its fair value estimate to A¢44.5/share from A¢87.3/share to allow for that and also the removal of the Assaka prospect (A¢15.8/share).
Even so, RFC Ambrian has reiterated its ‘speculative buy’ rating.
Shares fell 25% to 8.75p.
PRNW
28 July 2014
TANGIERS PETROLEUM LIMITED
TAO-1 Operational Update
Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) ("Tangiers" or the "Company")
provides the following update on the TAO-1 exploration well located in the
Tarfaya Offshore Block, Morocco.
The TAO-1 exploration well has intersected the shallowest and secondary
objective, Assaka. Based on currently available information, no hydrocarbon
shows have been encountered. A full petrophysical evaluation of the Assaka
objective will be carried out at section TD.
Drilling operations continue as planned towards the primary and largest
objective, Trident. The TAO-1 exploration well has been designed to test
Trident at its optimal location. Tangiers' interpret that success at Trident is
not co-dependent on the results from Assaka.
The Company will provide additional updates as appropriate.
About Tangiers Petroleum: Tangiers Petroleum is an Australian-based oil
explorer with assets offshore Morocco in shallow water. Tangiers has a 25 per
cent participating interest in the Tarfaya Offshore Block, which is being
operated by Galp Energia with a 50 per cent interest. The remaining 25 percent
interest is held by ONHYM (Morocco's National Office of Hydrocarbons and
Mines), which is carried through the exploration phase. The high impact TAO-1
exploration well spud on the 26th June 2014 and is expected to intersect two of
three possible objectives within 60 days from spud.
DAVE WALL
MANAGING DIRECTOR
-----------------------------------------------------------------------------------------------
UPDATE - Tangiers Petroleum: TAO-1's secondary target shows no hydrocarbons
By Philip Whiterow
July 28 2014, 12:13pm
Drilling operations continue as planned towards the primary and largest objective, Trident, Tangiers said.
-- adds broker comment--
Tangiers Petroleum’s (LON:TPET; ASX:TPT) TAO-1 exploration well in the Tarfaya block, offshore Morocco has not found any hydrocarbons at its secondary target.
The secondary objective, Assaka, was the shallowest target for TAO-1 and a full petrophysical evaluation of the objective will now be carried out.
Drilling operations continue as planned towards the primary and largest objective, Trident, Tangiers said.
“The TAO-1 exploration well has been designed to test Trident at its optimal location.
“Tangiers' interpret that success at Trident is not co-dependent on the results from Assaka,” it added.
Tangiers has a 25% participating interest in the Tarfaya Offshore block. Galp Energia has 50% with the remaining 25% held by ONHYM (Morocco's National Office of Hydrocarbons and Mines).
House broker RFC Ambrian expects the Trident objective will be reached within the next week or so.
Pre-drill, the well had a 21% chance of success, according to Galp, but RFC has now reduced its own prediction of the chance of success to 14%.
It has downgraded its fair value estimate to A¢44.5/share from A¢87.3/share to allow for that and also the removal of the Assaka prospect (A¢15.8/share).
Even so, RFC Ambrian has reiterated its ‘speculative buy’ rating.
Shares fell 25% to 8.75p.
dreamcatcher
- 31 Jul 2014 15:52
- 225 of 494
Suspension - Tangiers Petroleum Limited
RNS
RNS Number : 8362N
AIM
31 July 2014
NOTICE
31/07/2014 7:30am
TEMPORARY SUSPENSION OF TRADING ON AIM
TANGIERS PETROLEUM LIMITED
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