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Tangiers Petroleum shares rise after busy quarter

Last updated: 20:58 30 Oct 2012 AEDT, First published: 21:58 30 Oct 2012 AEDT

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Shares in Tangiers Petroleum (LON:TPET, ASX:TPT) rose after it updated investors on a busy quarter for the oil and gas firm.

The company rounded up a period that saw a board reshuffle, the implementation of a new strategy to focus more on Africa, as well as a A$5.8 mln raising last month, which will be used to underpin the African growth strategy.

Tangiers has a 75% operated interest in the 15,000 sq km Tarfaya permit offshore Morocco and it is currently carrying out a 3D seismic survey covering three of the company’s prospects, which is expected to be finished by the end of November.

The company, which also has assets in Australia, says the farm-out process is “well advanced has been very well received with several potential farminees having expressed a strong interest in this farm-in opportunity”.

It still expects to find a farm-in partner by the end of 2012.

Tangiers is also looking for a farm-in partner for its two Australian exploration permits and it is pleased with the level of interest seen so far, with a deal also expected to be completed by the end of the year.

An environmental study is underway ahead of the 3D seismic acquisition programme.

Last week, Peel Hunt initiated coverage on the company with a ‘buy’ rating and 55 pence price target.

The broker said it sees the Moroccan acreage as a likely short-term value driver given recent farm-ins by Cairn Energy (LON:CNE) and Genel Energy (LON:GENL) into adjacent licences.

Shares lifted 3.1% to 24.75 pence today.

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