Perth headquartered Tangiers Petroleum (ASX:TPT) has appointed Shore Capital as broker in preparation for its AIM market listing this quarter.
The firm told investors today that the listing process was progressing well and was expected to be completed this quarter.
Company chairman Mark Ceglinski said: "We are very pleased to have Shore Capital act as a broker to Tangiers.
"Shore Capital’s team has an excellent track record in providing research and advice to AIM listed oil and gas companies and is an excellent partner for Tangiers."
The firm said it was progressing well with its AIM listing and anticipated completing all the documentation for its 20 day announcement and finalise its AIM quotation during this quarter.
The exploration company has what it believes are two world-class assets. The first is the Tarfaya oil area off the coast of Morocco, which has an un-risked prospective resource of 867 million barrels, with a high-end estimate of almost 5 billion barrels.
The other is a potentially mega gas prospect in Australia’s Southern Bonaparte Sea, some 250 kilometres south-west of Darwin.
Each has the potential to be a company maker, and farm-out deals to be unveiled by the year-end will reveal whether the oil and gas industry agrees.
The listing across in the UK gives Tangiers exposure to a market more au fait with African offshore oil, and of course access to the deeper pockets of the London institutions when it comes to invest.
The immediate plan, however, is to find partners willing to carry out the initial drilling campaigns on the two projects as well as some 3D seismic work.
Morocco is one of the world’s few under-explored oil nations, though give it five more years and the country will be inundated by the industry’s great and good, attracted by the very favourable fiscal regime.
Companies such as Tangiers enjoy a 10-year tax holiday on each and every discovery they make, while the royalty on oil is 10 per cent.