Tangiers Petroleum surges as Moroccan roll continues By John Harrington November 29 2013, 8:41am
Shares in Tangiers Petroleum (LON:TPET, ASX:TPT) were a bright feature in a sleepy trading session on Friday morning after an update on its Moroccan operations.
The company said the environmental approval process for its Tarfaya block is progressing and the public review will be concluded in the next few weeks.
The survey vessel has mobilised to offshore Morocco and is preparing to start the site survey over the proposed Tao-1 well location.
Galp Energia, which is farming-in to the Tarfaya Block and will become the operator, is currently screening the market for potential rig sharing/sublet options, and is preparing the invitation to tender documents for the rig.
Tangiers said good progress has been made with the joint order approval of the assignment to Galp Energia by the Ministries of Energy and Finance with the documents now signed by the Minister of Energy.
The approvals and signature from the Ministry of Finance are expected shortly, which will then complete the joint order approval.
With things clearly moving on apace, investors jumped on board the Tangiers bandwagon, with the shares surging 5.4% to 13.7p in the first half-hour of trading.
TPT Price at posting:
24.0¢ Sentiment: LT Buy Disclosure: Held
