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Put this up as may be of interest as rrl own 5% of this company -



Tangiers Petroleum reveals Zeus prospect's huge potential
Wednesday, September 07, 2011
Tangiers Petroleum has appreciably extended the area of the mapped area of the project, after the latest seismic interpretation of the Zeus and Little Zeus prospects Shares in Perth-headquartered Tangiers Petroleum (ASX:TPT) surged over 11 per cent overnight as it revealed the potential for a huge increase in prospective resources for the Zeus prospect on the Tarfaya block offshore Morocco.

In a statement to the Australian Securities Exchange, the group, which is 5.7 per cent owned by AIM-quoted Range Resources (LON:RRL, ASX:RRS), announced that it has appreciably extended the mapped area of the prospect, after the latest seismic interpretation of the Zeus and Little Zeus prospects.

According to Tangiers the latest 2-D seismic interpretation has produced a significantly larger structural closure than that previously mapped, which gives further support for the scope and potential of the prospects. The result effectively leads to a significant increase in Zeus prospective size.

Additionally the seismic interpretation has also identified six new prospects on Tangiers 75 per cent block.

(We are) delighted with the latest seismic interpretation results for the Tarfaya Block, offshore Morocco.

The upgrade in the areal extent of Zeus and the identification of six additional prospects is expected to provide a significant boost to our existing prospective resource base in Morocco once NSAI completes its evaluation of the Zeus, Little Zeus, and other prospects.

The next phase in this process will be to mature identified Cretaceous leads to prospect status. This is all part of a broader effort to strengthen and expand the Companys exploration portfolio in the region, said chairman Mark Ceglinski.

In the statement Tangiers told investors that Zeus is now interpreted as being larger than each of its four previously identified prospects - Trident, TMA, Assaka, and La Dam. Of these four Trident is the largest. Trident has previously been assessed, by consultants Netherland Sewell and Associates (NSAI), as having an un-risked best estimate prospective resource of 423 million barrels of oil.

Including the other three Tarfaya prospects but not including Zues - NSAI came up with a best estimate prospective resource of 870 million barrels and a high estimate of almost 5 billion barrels.

Tangiers said it will now hire NSAI to produce an independent probabilistic evaluation of prospective resources for Zeus, Little Zeus, and the additional six prospects at the Upper Jurassic. In addition, multiple leads recognized within shallower Lower Cretaceous intervals are being matured into prospects and prospective resource volumes will be determined in the upcoming months, it added.

Last Friday Range Resources announced that it would invest A$2 million into Tangiers. Range is acquiring 5 million shares at 40 cents each, which gives it a 5.7 per cent stake in the group.

oh yes tangiers pet was a very good investment imo - value already up since buy in!
cheers

I think a few million of the 60m in Petes hands will buy a greater percentage very soon.
High estimate of 5 billion barrels, looks huge.Tangiers pet looks to be going places.

Tangiers petroleum is fast on the rise. Look foreward to it dual listing here, unless rrl
makes the other 95% purchase. lol

exactly - and good not to have all eggs in one basket - rrl hs a very good pf

& never say never!!

i feel a ...............

yeeeeeeeeeeeeeeeeeeeeeeeeeeeehaaaaaaaaaaaaaaaaaaaaaaaaaaaa

Can either DC or gibby explain to me as to why RRL was going great guns at 25p for a minute or two in March I think and then after the 2 AXS enquiries they just went down and further down.

Hi 3 monkies, I can only speak for my views. That at that time I think the sp got over
hyped. Was the company worth 25p with no revenue or oil coming in, no not in my opinion. The drills have been delayed which have not helped. Like I have said before
(its the same for every share I know) look at the world events that have hit the stock exchanges. Without listing them, the book makers would have given you terrific odds
and no doubt laughed you out the bookies had you placed a bet. The markets are pricing in nothing now, ie spudding. The 1st well successful announcement for TT and we drop 5% in the sp(a laugh)The markets did not like the 17p placement either. The company I feel is far better to grow as wells are drilled and hopefully oil found. We all have our own goals for rrl. Mine will be Puntland sea or perhaps an eventual takeover, who knows. Europe is still very bumpy, this will not help. The sp is under valued now,
but as you can see in a previous post with the amount of shares is going to take some moving. Move i feel it will, if all comes right. I would much rather see the sp climb on merit ie successful drills and revenue then hype. I am still very happy to be invested here, with the company underpinned. Also the directors share options expire December,so they will be keen to get the sp moving as much as us. Avery exciting company to be invested in for the future not tomorrow.

hi 3ms - yep dc has covered off some relevant points - but there is not one reason - it is a multitude of reason and it is not just affecting rrl - i have been through this type of situation before and held my nerve and reaped the rewards very much - and a couple of examples - a few years ago i had asos at just under 30p - now look at it, blnx i had sub 20p a few years ago again take a look now rrr frations of a pence look at where it went - still doing ok now considering the recent 6p pl. and many others - this is a buyers dream imo - i am seeking weakness right now - but to add to dc's paragraph - yes economic climate, people panic selling at loss, some simply took profits and moved on, sp manipulation - yes that does happen still is see it every day, auto sell trades cause more panic, people preferring oil producers right now - we have texas already but the big stuff to come (dont for get cash back there if you want it prob next year), et cetera - if you can afford to sit tight imo do so - it will come good this is the fun of being an explorer and producer - gl

oh btw some iis are quietly accumalating - in time look out for holdings rns

and keep a close eye on aul this week starting tomorrow - drop way over done tomorrow - ii am seeking bottom prior to a softish bounce imo

Thanks gibby. You see the panic selling on your screens more than perhaps we do at home.
Also this share and other oil ones are a gamble early on. In these times investors have moved money to save havens ie gold, food shares and cash,etc.

Just need a big strike rns and investors will notice rrl again. More comfortable here then any of my other shares.

no probs dc - and believe you me - rrl is not forgotten - it is on the radar of many as is gkp and some others

i would not worry about rrl unless they duplicate des and turn oil into water with repeated success & have a run of dusters which i very much doubt - i do not even worry about puntland because some high ranking armed forces (what they have any how!) & political figures backing this and promised protection both on & off shore - this project goes to the top of the country out there - they are desperate for the cash - no pirate or tribe will stop this

they have ways of dealing with pirates out there - not like the royal navy who nowadays have to worry about the pirates so called human rights!!

Just hope conoco do not rear up if there is a strike. I am staying clear of views of pirates etc as you can understand from the past. Conoco should have lost all rights
to Puntland.

it will be ok

btw for info - not many know this but a new type of 'blind' platform is being tested where nobody not even the mms will know who is actually bidding or offering what - it may never happen and many are annoyed others like it - you will see the values but not who lol! i think that would turn things upside down if that happened and be interesting - we'll see - might never happen then again :-)) yeeeeeeeeeeehaaaaaaaaaaaaaaaaa!!

already some are trying to cheat round it and it is just on test now!! lol

Thanks gibby

RMP and RRL graph



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