LONDON--Tangiers Petroleum Ltd (TPT.AU), said Monday that the
Farm-out Agreement between Tangiers and Galp Energia is almost
finalized, adding that it is confident of delivering strong returns
for shareholders over the short to medium term.
MAIN FACTS:
-The only remaining condition for the Farm-out Agreement to be
finalized is the signing of the Joint Order by the Ministers of
Energy and Finance in Morocco.
-Galp Energia is moving forward with environmental approvals and
well planning with a view to spudding the well in the first half of
next calendar year.
-The call for tenders for the acquisition of 500 square
kilometers of 3D seismic data closed on Sep. 13. The tenders will
now be evaluated and a contract is expected to be awarded in the
coming weeks.
-Currently assessing a number of further opportunities in Africa
but none has progressed as yet to a point of an advanced
negotiation.
-Tangiers Petroleum shares in London at 0712 GMT traded down 2.0
pence, or 6.8%, at 20.0 pence, valuing the company at GBP28.7
million.
-Write to Razak Musah Baba at razak.baba@wsj.com
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