But DW said..., page-83

dont you just love the line below about cash on hand. as a side note tpt's leases are worth plenty if you look at what the other major oil and gas players are doing around tpt's leases.

"It now has $22M AUD cash on hand – it’s covered for any potential cost overruns on the current drilling ".

We arrived at this conclusion as the geological chance of success is 20% on the current TAO-1 well, and the fiscal regime in Morocco, the shallow water, the big resource size, and TANGIERS low valuation created 100 bagger uplift potential.

Everyone seems to be waiting for the first bit of material news from the drilling, including us.

TANGIERS’ TAO-1 well has the potential to be a company making well, one that could establish TANGIERS as a leading oil company in offshore Morocco, some of the world’s hottest resource real estate…

Yet they are still capped at a relatively low $60M AUD (for our UK friends, roughly half this value to arrive at a value in £).

Once the first piece of material news comes in, our investment in TANGIERS is sure to move one way or another. This may be a little longer than expected, as the TAO-1 well has been classified as a “tight” well for commercial reasons.

TANGIERS just raised a further $4 M AUD from wholesale, institutional and sophisticated investors.

It now has $22M AUD cash on hand – it’s covered for any potential cost overruns on the current drilling. So at The Next Oil Rush, we say…

Drill baby, drill!

The spudding of TAO-1 could not have come at a better time. The $34BN energy behemoth Woodside Petroleum has just entered the exploration game in offshore Morocco.

Maybe Woodside read our Next Oil Rush article on TANGIERS?

Just last week Woodside Petroleum bought a stake in the Doukkala Basin offshore north western Morocco, not far from where TANGIERS is based. Woodside is tag teaming with UK-listed junior Chariot Oil & Gas hunting big oil targets… It’s a pity they didn’t get the pick of the blocks like TANGIERS did back before the current Moroccan oil rush.

Despite being late, it’s no wonder Woodside is getting stuck into Morocco.

Both onshore and offshore Morocco is a magnet for oil and gas companies right now.

This is why giants like Chevron, Cairn Energy and BP are buzzing around Morocco like bees to honey. The big boys don’t lift a finger if there’s not a chance big profits could be made.

There are indications of massive oil and gas resources, all of them untapped, underdeveloped and crying out for exploration investment. Even better, the usual risks of operating in a place like North Africa are a lot smaller because Morocco is a stable country that wants energy investment.