TANGIERS PETROLEUM LIMITED: Tangiers terminates FOA with CWH Resources
8 October 2013
TANGIERS PETROLEUM LIMITED
Tangiers terminates farm-out agreement with CWH Resources
Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) (Tangiers) advises that it has
terminated its Farm-out Agreement with CWH Resources Limited in relation to the
offshore permits WA-442-P and NT/P81 (Permits) located in the Joseph Bonaparte
Gulf, northern Australia.
Tangiers terminated the agreement because CWH did not meet the deadline to
satisfy the conditions precedent.
These conditions precedent (see announcement dated 22 May, 2013) included
Tangiers obtaining from the relevant Australian government authority an
extension of the time allowed to complete the minimum work commitments.
Tangiers fulfilled this condition precedent, with a six-month extension (to 12
October 2013 for WA-442-P and 11 November 2013 for NT/P81) being granted to
Tangiers to allow for planning and award of a seismic survey contract.
However, CWH has not reached a decision on the award of the seismic vessel
contract within the timeframe needed to meet the government's requirements.
This is despite Tangiers providing CWH with an evaluation of the contractors'
bids and a recommendation on the most suitable contractor.
Tangiers is now actively seeking alternative farm-in partners to fund the work
program commitments and will seek advice from the government regarding further
extensions. If this is not successful by 12 October 2013, the joint authority
may initiate cancellation of the two exploration permits.
Tarfaya Block, Morocco
All the conditions for the signing of the joint order by the energy and finance
ministers for the Tarfaya offshore block in Morocco have been met and Tangiers
expects the ministerial signatures shortly. While awaiting approval, Galp
Energia is moving ahead with well planning and hopes to spud the Tao-1 well in
the first half of calendar year 2014.
As advised previously, Tangiers' strategy is to build a company with a focus on
shallow water and onshore areas in Africa. Tangiers continues to identify and
evaluate growth opportunities and its strengthening balance sheet will enable
it to build and develop a balanced portfolio of exploration acreage and
development/production assets in Africa.
Tangiers Petroleum Limited
Level 2, 5 Ord Street
West Perth WA 6005, Australia
Ph: + 61 8 9485 0990
RFC Ambrian Limited (Nominated Adviser)
Mr Stuart Laing
+61 8 9480 2506
Peel Hunt LLP (Joint AIM Broker)
Mr Richard Crichton
Mr Andy Crossley
+ 44 20 7418 8900
Shore Capital Stockbrokers Ltd (Joint AIM Broker)
Mr Jerry Keen
Mr Bidhi Bhoma
+ 44 20 7408 4090
Mr Ed Portman (Media and Investor Relations - United Kingdom)
+44 20 7920 3150
-0- Oct/08/2013 06:00 GMT
Press spacebar to pause and continue. Press esc to stop.