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Additional Information

Market:	ASX
Sector:	Oil and Gas Exploration and Production
EPIC:	TPT
Latest Price:	0.40 (0.00%)
52-week High:	0.78
52-week Low:	0.16
Market Cap:	40.30M

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Tangiers Petroleum Full Tangiers Petroleum profile here

Tangiers Petroleum (ASX: TPT, LON:TPET) has a portfolio of highly prospective offshore oil and gas prospects, which in Morocco includes the Tarfaya block. In Australia assets include the Turtle and Barnett oil discoveries, and the Nova and Super Nova gas prospects off northern Australia.

Tangiers Petroleum starts trading on AIM

Friday, February 03, 2012 by Andre Lamberti

Following its recently announced A$6.35 million placement to UK, North American and Australian investors, the company is well positioned to unlock the potential of its oil and gas exploration projects in Morocco and Australia

Tangiers Petroleum (ASX:TPT) has started trading on London’s Alternative Investment Market under the ticker code TPET (LON:TPET), complementing its Australian listing.

Together with its ASX listing, the AIM listing provides the company with a strong platform from which to strengthen its shareholder base and increase its international profile, it said in a statement.

Following its recently announced A$6.35 million placement to UK, North American and Australian investors, the company is well positioned to unlock the potential of its oil and gas exploration projects in Morocco and Australia.

AIM is recognised as one of the world’s leading exchanges for junior resource companies, with a significant peer group, analyst coverage and institutional investor following of oil and gas explorers active in Africa, Tangiers said.

HB Markets initiated coverage of the oil and gas explorer with a ‘speculative buy’ recommendation last week ahead of the AIM listing.

Analyst Donald Linderyd said the current valuation of could be a fraction of its true worth if indications from the company’s independent competent person's report on the resources base turn out to be accurate.

Tangiers has two potentially company making assets - the Tarfaya oil block off the coast of Morocco and highly prospective gas acreage off the coast of northern Australia.

Tarfaya has an un-risked prospective resource of 867 million barrels, with a high-end estimate of almost 5 billion.

In Australia, the company has discovered what it believes to be two huge gas finds – Nova and Super Nova - sitting below already existing oil fields.

Based on work carried out by Schlumberger, Tangiers cites what it calls a “probabilistic estimate” of un-risked gas in place of 71 trillion cubic feet to 148 Tcf – which makes the pair potentially huge on anyone’s register.

Barney Gray, oil and gas analyst at City broker Old Park Lane Capital, which assisted in the listing, commented today: “The recent fundraising puts Tangiers in a strong position to continue its exciting work programmes in Morocco and Australia and we believe that the company will attract a partner to promote the group’s exploration programme in Morocco in the current year.”

Old Park Lane has set the price target at 115 pence, equivalent to A$1.79. In debut trading on AIM, the stock stood at 37.75 pence at 10.28 am.

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