Voluntary Suspension Extension, page-30

isnt it ironic that Galp never paid the back costs of $7.5 million to tpt and now they want tpt to just bend over and hand them what ever cash they require. what a joke of a mob.

frosty

On 24 March 2014, the Company TANGIERS PETROLEUM LIMITED announced that Galp on behalf of the respective participants had entered into a Novation Agreement to secure access to the Ralph Coffman Drilling Unit to undertake exploration drilling in the Tarfaya Offshore Block.

The drilling of the well, currently scheduled for 2Q 2014, will fulfil the work program commitment for the First Extension Period for the Tarfaya Offshore Block. The reimbursement of the back costs, US$7.5 million, is expected to be paid shortly, on satisfaction of the remaining conditions precedent being the signature of the relevant association contract.

Once completed, the transaction will be treated as a cost recovery against exploration expenditure carried on the Statement of Financial Position.