Ann: Notice of General Meeting & Capital Raising, page-37

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Bluey66

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20/09/14

13:38

Post #: 14004220
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Originally posted by busterhut ↑

Hi All I posted the following after the failure in Morocco I know everyone has lost dollars here but if we want to get our money back or even better make a profit then I don't see any other option but to support the proposal put forward.

The following article is from the Next Oil Rush The way ahead for Tangiers Tangiers shares have taken a big hit after the unsuccessful drilling of TAO-1. That’s understandable and was widely predicted by everyone in the business in the event of failure. That’s the binary nature of oil and gas exploration. Managing Director Dave Wall came to Tangiers when the TAO-1 well had already been selected and the project was very far advanced. It had been brewed up by the previous management. That was a messy time for Tangiers. Its shares were suspended from trading for a long time and Wall had to be a “Mr Fix It”. Wall raised $10M at $0.16 a share and led the company to a 32.5 cent share price in the lead up to drilling of TAO-1 on the value upside. But TAO-1 was ultimately a duster. So how does Tangiers recover? How does it get back on its journey to finding next big oil resource – whether it’s in Morocco or elsewhere? Once the dust settles from TAO-1 and assuming costs didn’t go too far over, we expect to see Wall and his new team announce a new plan, with a new asset. This could take some time. Wall had a very limited time to make a material difference to the TAO-1 drilling event, let alone the geology in the Tarfaya Block. Assuming there is enough cash left over following the TAO-1 result, we’re backing Wall and his new team at Tangiers to rebuild the company – however ultimately the future is uncertain. What’s next for Tangiers The past six months have been a crazy time for Tangiers – a board spill, trading suspension, new management team and an exploration well that came up dry. After all the board trouble earlier this year Tangiers came out the other side with a brand new management team led by David Wall who inherited the TAO-1 well and did his level best to make sure Tangiers had every opportunity of succeeding. Unfortunately, the geological odds were against it – an 80% chance for failure and only 20% for success. We are hoping that Tangiers can get out of this alive and come up with something else over the coming months – another asset, more work plans, and hopefully another drilling event and another chance at success. But this could take time.

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Agree with Buster, we need to be very careful in "kicking" out the directors. In my opinion we will be worse off, who is going to come in for less fees? Everyone just needs to chill and lets see what the "plan" is, if any, then review......It's easy to get emotional because we have done our dough, but this was always only going to go 1 of 2 ways.
None of us knows the wash up of where TPT currently stands, until then it's difficult to see what the future may hold.....

TPT Price at posting: 3.8¢ Sentiment: None Disclosure: Held
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Ann: Notice of General Meeting & Capital Raising, page-37

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