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Tangiers Petroleum (London) (TPET LN) 16p
Sharpening its Focus -
Tangiers Petroleum Ltd. is an oil and gas
exploration company. The Company's operations
include an offshore block in Morocco and
southwest Queensland, Australia.
Tangiers’ farmout update (22nd May 2013) brings to a close the discussions on its Australian
acreage, and will now allow the Company to focus on its Moroccan acreage, which given its
prospectivity we believe is a better opportunity when considering where to invest.
Following this news, while we believe that the Company will need further funding in the
medium term, it is in a much better position than it was prior to the completion of this deal,
and as such, we believe that its outlook remains bright. As a consequence, we are adding
Tangiers to our watch list.
In this news:

Farm-Out Agreement covers the permits WA-442-P and NT/P81

Southern Bonaparte Basin (250km south-west of Darwin)

CWH will fund all costs and expenses associated with seismic work, drill planning and
exploration drilling within the permit areas

Cap of A$35 million

Once spent Tangiers will be required to pay 27% of the on-going costs

Post transaction the interest in the licences is as follows:

Tangiers 27%

Ansbachall 3%

CWH 70%