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Tangiers Petroleum eyes AIM

09/09/2011 Robert Tyerman

Aussie-listed Tangiers Petroleum (TPT) plans a ?5 to ?10 million London float as it develops major projects in Morocco and Australia. Based in the West Australian capital of Perth, the company boasts 75 per cent of the Tarfaya prospect offshore Morocco, holding an estimated one billion-plus barrels of oil.

Steered by Australian financier Mark Ceglinski, Tangiers Petroleum also has offshore gas prospects in the Bonaparte Basin between Australia's Northern Terrritories and Western Australia, where estimates vary from 70 trillion cubic feet of gas to twice that. Arguing that infrastructure is at hand and key regional markets accessible, Ceglinski, who says the company hopes to farm out its oil prospects by Christmas, says the company is considering other project acquisitions.

He argues the London market sometimes has a better feel for international oil, gas and mining operations than the Australian market. Tangiers Petroleum's recent 50 cent (31p) share price Down Under values the company at almost ?20 million, which will look distinctly grudging if its two key projects look like realising their potential.