africa acquisition before end of june

Tangiers Petroleum Sees Africa Acquisition Before End Of June.

LONDON--Tangiers Petroleum Ltd. (TPT.AU), the Australia and London-listed oil explorer with assets in Australia and Morocco, expects to be able to announce the acquisition of an African asset before the end of June, its chairwoman said Tuesday.

The company is looking for small to mid-sized shallow water or land-based assets, preferably in proven plays offering lower risk, to balance its portfolio, Eve Howell told Dow Jones Newswires in an interview.

Tangiers is searching for something to bolster its exploration portfolio, such as an asset in an area with existing discoveries, or production with exploration upside, Ms. Howell said.

The company would prefer a corporate or asset acquisition, but is also considering farm-ins and ideally, would fund a transaction using shares, she added.