Interesting comments from 4d4d from LSE ; you're right to be confused fortune. Someone is being naughty. The first bit of the article is from Investors Chronicle and actually reads as below (its been re-written). The last bit is just made up......
Tiny oil explorer Tangiers Petroleum
(TPET) just got a whole lot smaller. Shares in the Aim tiddler 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.
We disastrously tipped shares in 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. Crucially, Tangiers failed to add other prospects and licences to its portfolio during the past year, despite several attempts.
IC VIEW:
This has been an important, albeit painful, learning experience for the author. When, or if, Tangiers' shares resume trading, we advise selling at any price you can. Broker RFC Ambrian now values Tangiers based solely on the $3m (£1.8m) it should have in its bank account by the end of 2014. Sell.
Last IC view: Hold, 10.6p, 14 May 2014
TPT Price at posting:
3.8¢ Sentiment: None Disclosure: Not Held
