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/

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.

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.

Thought i saw somewhere 60 days drilling, so mid Aug might be interesting.,.

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.

can't manage 4 inches anymore DC, thats where the memory comes in ;)

Quarterly Report June 2014

http://www.moneyam.com/action/news/showArticle?id=4854098

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.

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

Monday stands to be a decisive day for investors in Tangiers Petroleum (LON:TPET), one way or another.

The explorer's shares fell 25% at the start of the week after the secondary target of the TAO well, offshore Morocco, drew a blank.

Drilling continued and by the end of the week Tangiers asked for its shares to be suspended pending results from the primary target. Trading is due to restart next week, presumably once the outcome of the well is known.





http://www.proactiveinvestors.co.uk/companies/market_reports/70936/proactive-investors-mid-sml-cap-roundup-asos-and-boohoo-fall-most-in-down-week-0000.html

TAO-1 Unsuccessful

Thanks kim, pulled out of this one ages ago.

Malcy's blog -Tangiers Petroleum (LON:TPET)

Galp has announced the results of the Tao-1 Tarfaya offshore Morocco well, its a dry hole. They found nothing at the primary objective, the Trident in the Middle Jurassic and they also tested the Assaka prospect in the Upper Jurassic which was also dry. The shares, which fell 40% last week after initial results were disappointing have fallen nearly 70% this morning. Tangiers could well end up being a textbook management school case of how to louse up a perfectly good company in one stroke. Not long ago the shareholders had a first class management team who were in the process of an eminently sensible merger with Jacka. However, for some shareholders this was clearly not enough risk so they fired the team and called off the deal. With the company’s future riding on a 25% stake in Tao-1 they came to London to raise a bit more money, how they did that only higher beings know but some people clearly enjoy such risk. Where the company goes from here is anyone’s guess, I cant tell you about the CEO as he failed to turn up to our meeting a while ago but if they ring you up looking for money I would suggest that you reply in the briefest of words.

Tangiers Petroleum: From Morocco to Alaska for its next high-impact project

By Ian Lyall

November 20 2014, 7:38am
For Tangiers' next major projects it is swapping the warm waters off Morocco for the frozen wastes of America’s most northerly state. An update this morning reveals it has made a successful bid for almost 87,000 net acres in the Alaska North Slope area-wide sale.
For Tangiers' next major projects it is swapping the warm waters off Morocco for the frozen wastes of America’s most northerly state. An update this morning reveals it has made a successful bid for almost 87,000 net acres in the Alaska North Slope area-wide sale.


It may be time Tangiers Petroleum (LON:TPET) changed its name. For its next major project it is swapping the warm waters off Morocco for the frozen wastes of America’s most northerly state.

An update this morning reveals it has made a successful bid for almost 87,000 net acres in the Alaska North Slope area-wide sale.

It will be partnered on Project Icewine with Burgundy Xploration, which was the bid agent for the property, and will be carried on the first US$2mln spent on the property.

A 20% deposit totalling US$520,000 has been paid to the Department of Natural Resources Alaska, with the balance of around US$3mln, including first year rental costs, due in the second quarter of next year.

Next year’s budget is put at US$2.1mln, which comprises the purchase, reprocessing and re-interpretation of existing 2D seismic as well as planning activities and overheads. The target is a liquid-rich shale play.

Having an 87.5% interest in the property gives Tangiers significant wiggle room to bring in a partner later in the exploration process.

The change of focus follows the failure of the high-impact TAO well, offshore Morocco, to find oil or gas.

Managing director Dave Wall said: "Project Icewine is the first step towards rebuilding the company.

“Icewine ticks three of our key boxes for a start-up project: funding flexibility, ground floor entry and huge upside potential.

“In addition, the project is located in a prolific oil producing region, with good infrastructure and significant nearby activity by major industry players.

“The board is looking forward to working with our US partners in order to unlock the substantial value we believe resides within the project."

Not invested here, if anyone would like to start a new thread please go ahead.



Change of Company name
26 February 2015

TANGIERS PETROLEUM LIMITED

Change of Company Name and Code

As approved at the general meeting of shareholders on 12 February 2015,
Tangiers Petroleum Limited wishes to advise of its change of name to 88 Energy
limited.

The Australian Securities and Investments Commission recorded the change of
name on 26 February 2015.

For ASX purposes, the effective date for the Company name and AIM code change
will be on or around 3 March 2015. On that date, the AIM code will change from

Seems to have some legs this week. Looks like its new strategy of drilling in Alaska might well have been well chosen. Perhaps the dry hole in Morocco is a thing of the past. New management, new name, new country, new share price!

Updated the thread. :-))


88-energy-delighted-by-drilling-reports-close-to-icewine

88 Energy confirms acreage award in Alaska

By Jamie Ashcroft

May 28 2015, 7:54am
“We look forward with great anticipation to the upcoming drilling of the Icewine #1 well prior to year end.'
“We look forward with great anticipation to the upcoming drilling of the Icewine #1 well prior to year end."


88 Energy (LON:88E) has taken an important step forward as it prepares for its first well in Alaska.

The company this morning confirmed it has now formally been awarded the necessary documentation for the exploration acreage.

Joint venture partner Burgundy Xploration LLC, which was named the highest bidder for the project in November, has now received the award of 63 tracts of land, totalling 89,542 acres.

88 via its wholly owned subsidiary Accumulate Energy Alaska will have an 87.5% interest in the acreage, meanwhile Burgundy also retains a 4% royalty over any future production.

Accumulate will be the operator of the exploration project, and it is expected to be ‘on title’ in a matter of weeks.

Dave Wall, 88’s managing director, said: "Whilst the award and assignment process is largely administrative in nature, it is a crucial piece of the puzzle and another meaningful step forward for the company and its shareholders.”

“We look forward with great anticipation to the upcoming drilling of the Icewine #1 well prior to year end."

88 Energy chipper
StockMarketWire.com
88 Energy notes outstanding exploration success by the Repsol/Armstrong joint venture on nearby acreage in conventional play fairways that may extend and be prospective at the company's Project Icewine.

Managing director Dave Wall said: "The results reported by Repsol and Armstrong are outstanding and well above expectation. They clearly vindicate Repsol's US$768m deal with Armstrong in 2011 as well as highlight the success that can be achieved through utilisation of modern 3D seismic on the North Slope.

The flow rates, large areal extent, reservoir quality and oil gravity all point towards what are likely to be large to very large commercial discoveries, located only 50 miles from the boundary of our Project. Whilst the Icewine #1 exploration well is initially targeting the world class unconventional oil potential at Project Icewine, the results by Repsol/Armstrong provide an example of the scale of additional potential that may be unlocked in conventional plays once we acquire 3D seismic."

At 9:18am: (LON:88E) 88 Energy Ltd share price was +0.16p at 0.88p

Zoom ;-)

:-)) Well done Bullshare on this one.