Link to the Fosters report mentioned by...

Link to the Fosters report mentioned by Jeffo

http://www.tangierspetroleum.com.au/wp-content/uploads/2014/06/Foster-Stockbroking-Research-Article.pdf


Why we like the chances of TAO-1

1. Presence of proven petroleum systems proven by the Cap Juby discovery and through oil show drilled on the permit.

2. Simple 4 way dip anticline structures that is well identified via seismic.

3. Only regionally proven play type: Jurassic Carbonate source in the Cap Juby discovery matches the Panuke Field in Canada, thereby providing a geological link between the two
basins.

4. Cap Juby discovery encountered quality reservoir in the Upper Jurassic which flowed at approx 2400bbl, despite being heavy oil at 12 degrees API

5. Internal analysis highlights that heavy oil not to be expected in Tarfaya. Management are of the view that the upper Jurassic reservoir at Capy Juby was at one time very close to surface and became contaminated with bacteria (which biodegraded the oil), ie ate the light oil and left the heavy oil behind. TPT permit did experience the same erosional event as cap Juby and has fixed cretaceous sediment covering it which protects any oil that may
exist within the structure from any contamination.

6. Galp recent seismic inversion work indicates good porosity across the prospects. Galp recently completed seismic inversion studies highlighting good porosity across the prospects, which is a key risk for carbonate reservoirs.