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Tangiers Petroleum knows of no reason for share surge

Last updated: 23:22 29 Oct 2014 AEDT, First published: 00:22 30 Oct 2014 AEDT

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Tangiers Petroleum (LON:TPET) told the market it knows of no reason for its share rise today.

Shares in the oil firm are up over 83% at 0.825p but were around 130% higher earlier.

In a brief statement this afternoon, it said "As stated on 19 September 2014 the company has raised funds to be used for working capital and the assessment of new ventures. Further updates will be made as and when appropriate."

Earlier on Wednesday, it confirmed two additions to its significant shareholders list following its recent A$1.2mln placing. Donald Jeffrey Smith, who holds his shares via GFC Super Fund, raised his stake to 4.98%, while Peninsula Investments now has 3.1%.

Tangiers last week told investors it is considering several new venture opportunities though none have yet progressed as far as binding agreements.

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