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Tangiers Close to Finalising Farmout

TANGIERS Petroleum says the farm-out agreement with Galp Energia is finalised.

The only remaining condition to be met is the signing of the joint order by the energy and finance ministers in Morocco.

There has been a delay caused by the Minister of Energy’s resignation. But Tangiers is telling its shareholders that it expects the agreement to be approved shortly after a new minister is appointed.

While awaiting approval, preparations for the drilling of the TAO-1 well are continuing.

Galp Energia, which is the operator, is moving ahead with well planning and hopes to spud the well in the first half of 2014.

Should the farm-out go ahead, Galp will have 50% of the Moroccan permits, Tangiers 25% and the Moroccan government the remainder.

Off Australia, tenders for the acquisition of of 3D seismic data closed on September 13 and the a contract is expected to be awarded in the coming weeks.

Tangiers has been assisting CWH with the tender process.

The company told its shareholders it had been assessing growth opportunities in Africa.

So far, it seems, none have progressed to the point of advanced negotiation.

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