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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Galp Energia Sgps | EU:GALP | Euronext | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.155 | -0.79% | 19.55 | 19.38 | 19.78 | 19.815 | 19.475 | 19.715 | 1,324,495 | 16:40:00 |
From May 2019 to May 2024
LONDON--Tangiers Petroleum Ltd. (TPET.LN) Monday said the operator of the TAO-1 exploration well offshore Morocco estimated an indicative drilling budget of $75 million, and also said it wants to raise funds to guard against the chance of Tangiers being unable to fund its share of drilling costs.
MAIN FACTS:
-The estimate from Galp is subject to a +/- 25% variance
-Operator estimates TAO-1 to spud mid to late June
-Tangiers to pay 33% of drilling costs above Galp's $33 million cap
-Sees risk that Tangiers may face a well funding commitment which isn't covered by current funds
-Based on the indicative budget, Tangiers could face a shortfall of up to $6 million
-Could then default on JV agreement, possibly forfeiting some or all of its Tarfaya Offshore Block interest
-Given current funding capacity of AUD15M, board wants to raise capital
-Shares unchanged at 0732 GMT
Write to Ed Ballard at ed.ballard@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
1 Year Galp Energia Sgps Chart |
1 Month Galp Energia Sgps Chart |
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