Tangiers Petroleum

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Tangiers is an AIM (LON:TPET) and ASX (ASX:TPT) listed exploration company which has a portfolio of two potentially world class oil and gas assets located in Morocco and Australia.Tangiers Moroccan assets include the highly prospective Tarfaya offshore block.In Australia, assets include the significant Nova and Super Nova gas prospects located offshore Northern Australia.

 

Website:
http://www.tangierspetroleum.com/
Phone:
+61 (0)8 9485 0990
Address:
Suite 3, 47 Havelock Street, West Perth WA 6005, Australia.
Super Sector:
Energy
Sector:
Oil & Gas Producers
Industry:
Exploration & Production
EPIC / Symbols:
LON:TPET

Sector: Oil & Gas Producers

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Current Operations
Morocco


Tangiers believes that Morocco is an excellent place to conduct business. It’s stable politically, encourages foreign investment and offers excellent fiscal terms for the oil and gas sector. There is 10 year corporate tax holiday on each exploration discovery, no VAT or GST, and 10% royalty on oil and 5% on gas. Additionally, Morocco is a net importer of oil and gas and pays parity price for oil.

Tarfaya Offshore Block:



The Tarfaya Block, offshore Morocco, includes eight permits totalling 15,041 square kilometres (approximately 3.7 million acres) situated on the Atlantic Margin, inboard from the Canary Islands. The Block is located within a proven petroleum system and contains multiple prospects and leads within Jurassic and Cretaceous sediments as well as emerging potential within the Tertiary and Triassic Formations.

For more information please click here.

Zeus and Little Zeus:


The Zeus and Little Zeus prospects have targeted a new play type at the Top Jurassic fractured dolomite reservoir interval. Tangiers is presently evaluating the prospective resource potential for these prospects and expects to have volumes in the upcoming weeks.

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La Dam:


The La Dam Prospect is a combination of structural and stratigraphic trap with three objective horizons (Upper Jurassic Chaotic Zone, Middle Jurassic Bathonian-1 and Lower Jurassic Toarcian-7). The prospect is within the 3-D seismic coverage which was the primary source for the NSAI interpretation.

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Assaka: 


The Assaka Prospect is delineated by 2-D seismic data and targets an Upper Jurassic four-way dip closure extending from southwest of the MO-1 well to northeast of the MO-4 well and beyond.  Below the Upper Jurassic Kimmeridgian-5 seismic horizon an anticlinal structure approximately 65 kilometres long by 10 kilometres wide is developed.  The MO-1 and MO-5 wells near the southern areas of the anticline intersected 834 and 578 metres of Upper Jurassic, respectively, and reached total depth in the Tithonian carbonates without penetrating the Kimmeridgian-5 depth.

For more information please click here.

Trident:


The Trident Prospect is delineated by 2-D seismic and targets a Middle Jurassic four-way dip closure below the Bathonian-5 seismic horizon. The prospect is mostly located along the Middle Jurassic ancestral shelf edge where the presence of improved reservoir lithofacies is interpreted from the seismic data as well penetrations of the Middle Jurassic interval on the Tarfaya Block are sparse.

For more information please click here.

Tarfaya Marin-A:


The Tarfaya Marin A (TMA) Prospect is delineated by 2-D seismic as a Lower Jurassic four-way dip closure below and offset east of the Trident Prospect Middle Jurassic structural crest. The TMA prospective reservoir is interpreted as primarily reef buildup lithofacies not previously intersected by wells in the Tarfaya Block. The TMA dip closure extends 75 kilometres northeast to southwest and is up to 15 kilometres wide.

For more information please click here.

Australia

WA-442-P, NT/P81:


Tangiers is the Operator of the WA-442-P and NT/P81 Exploration Permits with a 90% interest.

ATP-587:

Tangiers is the Operator of ATP-587 with 100% interest.

Nova:


The Nova structure has a crest of approximately 3425m based on preliminary time to depth correlation and encompasses a closure area of 240 square kilometres. The un-risked probabilistic gas-in-place ranges from a low estimate of 32.7 trillion cubic feet of gas (Tcf) to a high side of volume of 67.1 Tcf with a best estimate of 47.3 Tcf.

For more information please click here.

Super Nova:


The Super Nova structure has a crest at 6085m and areal closure of 232 square kilometres based upon preliminary depth structure maps. The un-risked probabilistic gas-in-place ranges from a low estimate of 38.2 Tcf to a high side case of 80.6 Tcf with a best estimate of 60.1 Tcf.

For more information please click here.

Milligans Fan

The Milligans Fan Play concept has the potential to be extremely large and is likely gas prone. The Milligans sequence is comprised of a series of sand packages which have been eroded off the structural highs within the Bonaparte interval and deposited as stratigraphic sands around these structural highs. In upcoming weeks a stronger focus will be directed at this play concept as recognized leads are elevated to prospect status.

The Turtle and Barnett Oil Development


The Turtle and Barnett oil fields were discovered in 1984 and 1985, respectively, and are located approximately 320 kilometres southwest of Darwin. Multiple oil bearing reservoirs have been encountered within the Keyling, Treachery, Kuriyippi, Tanmurra and Milligans formations. Three wells tested oil with Barnett-2 having flowed up to 921 barrels of oil per day on jet pump from the Lower Treachery Sandstone. The crude was of excellent quality at 38.6° API gravity.

Messner Lead

The Messner lead lies to the west of the Barnett oil field and is situated in between Turtle and Barnett. Previous deterministic estimates indicate the un-risked oil-in-place in the Point Springs reservoir to be 19 million barrels.

ATP-587

ATP-587 is covered by regional seismic with detailed grids over four prospects.

ATP 587 consists of 12 Blocks to the west of the Thomson River between Stonehedge and Jundah, south east of Longreach and covers an area of approximately 946 square kilometres. Geologically, the tenement is situated within the Mesozoic Eromanga Basin with the south east portion of the tenement being underlain by the north eastern edge of the Late Paleozoic-Triassic Cooper Basin. In addition to conventional oil and gas, the area is thought to have potential for oil shale plays.
Managment

The Board and Management team of Tangiers Petroleum Limited have significant oil and gas, corporate finance and public company experience.

Mr Mark Ceglinski - Non-Executive Chairman

Mr Ceglinski is a Corporate Finance Executive and Company Director.

He is currently Head of a Perth based Corporate Advisory firm where he advices on Equity Capital Markets (primary and secondary raisings), M&A, Debt and Strategy. Prior to this he was Head of Corporate for a national stockbroking firm and has previously been a Partner of international accounting firms Arthur Andersen and Ernst & Young.

He is a member of the Institute of Chartered Accountants, the Australian Institute of Company Directors, FINSIA and AIM, and is a Master Stockbroker with the Stockbrokers Association.

Mr Brent Villemarette - Executive Director

Mr Villemarette is a petroleum engineer with more than 29 years experience in the oil and gas industry, both domestic and international. His experience spans a wide range of disciplines including exploration, development, operations, marketing, acquisitions and new ventures.

He is presently Chief Operations Officer for Transerv Energy Limited, an ASX listed company actively engaged in commercialising the large undeveloped Warro tight gas field in the northern onshore Perth Basin.

Prior to this he held roles of International Reservoir Engineering Manager for New Ventures with Apache Corporation based in Houston, Texas and Reservoir Engineering Manager for Apache Energy Limited based in Perth.

Mr Graham Anderson - Non-Executive Director

Mr Anderson has over 25 years of commercial experience as a Chartered Accountant. He operates his own specialist accounting and management consultancy practice, providing a range of corporate advisory and audit services to both public and private companies. From 1990 to 1999 he was an audit partner at Horwath Perth.

He is currently a Non-Executive Director of Mako Energy Limited, Echo Resources Limited and Pegasus Metals Limited and is Company Secretary of a number of other ASX listed companies.

Mrs Margaret Hildick-Pytte - Director of Exploration

Mrs Hildick-Pytte has a strong geological background, both commercially and academically, including roles as Senior Geologist for INPEX and Senior Geologist and Technology Coordinator for Chevron.

Areas worked include The USA, West Africa, India, China, Philippines, Venezuela, Colombia, Papua New Guinea, North Sea, and the Barrow, Browse, Bonaparte, and Perth basins in Australia.

She is a founding member of the AAPG affiliated Society for Organic Petrology and holds a BSc and MSc in Geology. Margaret is currently undertaking an MSc in Petroleum Engineering at the University of New South Wales.

 

Corporate Information

Australia

 

Australian Broker

DJ Carmichael Pty Limited

Level 3, London House

216 St Georges Terrace

Perth WA 6000

AUSTRALIA

   

Share Registry

Security Transfer Registrars Pty Ltd

770 Canning Highway

Applecross WA 6153

AUSTRALIA  

   

Media Relations

Fortbridge 

Level 3

63 William Street

East Sydney NSW 2010

AUSTRALIA

   

Auditors 

RSM Bird Cameron Partners

8 St Georges Terrace

Perth WA 6872

AUSTRALIA  

   

Lawyers

Gadens Lawyers

Level 1

16 St Georges Terrace 

Perth WA 6000

AUSTRALIA

   

Bankers 

Bank of Queensland

Shop 154

Belmont Forum Shopping Centre

Belmont WA 6104

AUSTRALIA   

 

Joint Company Secretaries

Ms Krystel Kirou

Mr Graham Anderson  

 

Registered Office  

Suite 1

681 Murray Street 

West Perth WA 6005

AUSTRALIA  

 

Telephone +61 (0)8 9322 2700

Facsimile +61 (0)8 9322 7211

 

 

 

United Kingdom

   

Nominated Adviser

RFC Group Limited

Level 15, QV1 Building

250 St Georges Terrace

Perth WA 6000

AUSTRALIA

   

Investor Relations 

Tavistock Communications

131 Finsbury Pavement

London

EC2A 1NT

UNITED KINGDOM

   

Solicitors

Watson, Farley & Williams

15 Appold Street

London

EC2A 2HB

UNITED KINGDOM

 

Contact Information

Principal Place of Business

Suite 3

47 Havelock Street 

West Perth WA 6005

AUSTRALIA

 

Telephone +61 (0)8 9485 0990

Facsimile +61 (0)8 9321 8990

 

Registered Office

Suite 1

681 Murray Street

West Perth WA 6005

AUSTRALIA

 

Telephone +61 (0)8 9322 2700

Facsimile +61 (0)8 9322 7211

 

Postal Address

PO Box 389

West Perth WA 6005

AUSTRALIA

 

Major Shareholders

 

Top 20 Shareholders

As at 23 December 2011.

 Number of shares heldPercentage
WESTBLADE PTY LTD 5,000,000 5.70
ABLETT PTY LTD 4,050,000 4.62
AUSTRALIAN GLOBAL CAPITAL PTY LTD 4,000,000 4.56
PENINSULA INVESTMENTS (WA) PTY LTD 4,000,000 4.56
SHEBDON INVESTMENTS PTY LTD 2,628,996 3.00
DREAMLIGHT NOMINEES PTY LTD 2,422,232 2.76
PETER KIRKHAM 2,312,500 2.64
CITICORP NOMINEES PTY LIMITED 2,208,752 2.52
LACHLAN COX 2,074,700 2.36
EKCO INVESTMENTS PTY LTD 2,000,000 2.28
PROSPECT EVALUATION PTY LTD 1,600,000 1.82
AWF ENTERPRISES PTY LTD 1,500,572 1.71
GREGORY ROSS 1,336,019 1.52
ADENMERE PTY LTD 1,290,000 1.47
MARKET PROPERTIES PTY LTD 1,045,456 1.19
IAN DORRINGTON 1,000,000 1.14
GENESTA HOLDINGS PTY LTD 1,000,000 1.14
RAYMOND PHILIP JEPP 1,000,000 1.14
OAK STREAM PTY LTD 1,000,000 1.14
ALNUS PTY LTD 900,000 1.03
  42,369,227

48.29

 

Significant Shareholders:

ShareholderNo. of Ordinary Shares Owned% of Fully Paid Ordinary Shares*
Range Resources Ltd 5,000,000 5.70
Ablett PL 4,050,000 4.62
Peninsula Inv WA Pty Ltd 4,000,000 4.56
Aust Global Cap Pty Ltd 4,000,000 4.56

 

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