Tangiers Petroleum: Farm-out Agreement with Galp Almost Finalized

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 [e-mail]

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