Interesting conversation happening with LSE users. all credit to Stew200
Shares in the Aim tiddler Tangiers Petroleum (TPET)tumbled over 75 per cent to 2.4p before being suspended from trading. Tangiers earlier revealed its only planned exploration well, TAO-1, offshore Morocco, which was targeting a whopping 750m barrels of oil-equivalent, failed to find either hydrocarbons or reservoir-quality rock.
Tangiers at 30p in late 2012 in anticipation that the company would bring in a partner to pay for the associated well
costs
. It did - Portugal's Galp Energia farmed in to the licence and paid for most of them - but we dramatically underestimated the downside risks involved in such speculative exploration.
We now understand Tangiers is in talks with institutions and are looking at raising cash at circa 10p for an investment in Independent Resources (LON:IRG) prospect in Tunisia which has a potentially significant time in Tunisia.
In the coming weeks and months, IRG is set for a series of important catalysts which will transform it.
