Fund raising to fuel “world-class prospects”

AUSTRALIAN-based explorer Tangiers Petroleum has added 15,000 square kilometres of offshore acreage to its Australian exploration portfolio following the completion of an $850,000 share placement to fund general working capital.
Tangiers acquired exploration permit NT/P83 in the Arafura Sea, offshore the Northern Territory, which it believed to be highly prospective.
The new acreage has existing gas discoveries to the west and oil shows in exploration wells to the east; plans for geotechnical studies and a 500km 2D survey are underway.
Tangiers executive chairman Mark Ceglinski said the new permit was a step forward for the company.
“The grant[ing] of NT/P83 is an exciting step in furthering the company’s strategy to expand its exploration portfolio and leveraging the company’s technical expertise to identify potential leads and plays in areas believed to be highly prospective for hydrocarbons,” he said.
“NT/P83 is an excellent complement to the company’s existing Moroccan and Australian acreage.”
Mr Ceglinski said that the recent completion of its $850,000 placement would fund development of projects including the newly obtained permit.
According to Tangiers’ most recent investor presentation, its Australian and Moroccan assets were “potentially world-class oil and gas prospects” that contained a portfolio of more than 20
leads.
The company owns 90 per cent of the WA-442-P and NT/P81 exploration permits, about 250km southwest of the Darwin LNG hub. Within these, the Turtle/Barnett, Milligans Fan and Nova/Super Nova prospects contain multiple drill-ready leads.
Tangiers also operates the 946sqkm ATP-587-P permit within the Eromanga Basin, onshore Queensland, which contains four drill-ready prospects.
Meanwhile, the company is expected to source a farm-out partner for its offshore Tarfaya project in Morocco in the second half of this year.
Data processing of the latest 3D seismic surveys from the project is anticipated to be completed by the end of October. Tangiers has eight permits within the Tarfaya block totalling 15,041sqkm.

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