We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for real-time alerts, custom portfolio, and market movers
| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Tangiers | TPET | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 0.575 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 0.575 | 0.575 |
| Top Posts |
|---|
Posted at 19/2/2015 10:42 by philjeans From yesterday's RNS;Three directors of Tangiers, David Wall, Michael Evans and Stephen Staley participated in the Placement (with shareholder approval received for this at the Company's General Meeting on 12 February 2015) on exactly the same terms as all other investors. The changes in their interests in Tangiers' securities as a result of this is as below: Director Previous New securities Current interest interest issued Shares Options Shares Options Shares Options David Wall 9,916,666 - 4,250,000 1,416,667 14,166,666 1,416,667 Michael Evans 5,166,667 1,000,000 4,250,000 1,416,667 9,416,667 2,416,667 Stephen Staley 4,166,667 2,000,000 1,650,000 550,000 5,816,667 2,550,000 Further details of the above current interests (including direct and indirect holdings and full option details) will be released in subsequent ASX Appendix 3Y announcements shortly. Commenting on the success of the Placement, Tangiers Managing Director Dave Wall stated, "The strong support for the Placement speaks volumes to the quality of Project Icewine, and is a recognition of the outstanding upside potential that the project offers for investors. Project Icewine benefits from a unique combination of conventional and unconventional potential, along with generous rebates offered by the State of Alaska. We look forward to completing the acquisition of the Project with funds raised from this Placement as well as progressing exploration." "Planning and permitting for the drilling of our first well and acquisition of 3D seismic is already underway and we will be providing updates to the market on progress in the very near term. In addition to increasing operational activity over the coming months, the Company continues to progress strong early interest in Project Icewine from a number of potential funding partners and we hope to be able to provide news on that front later this year." "The Board of Tangiers welcomes our new shareholders, and we thank our existing shareholders for their ongoing support." |
Posted at 18/2/2015 15:34 by philjeans Thanks OTB - I've copied out the salient bits below as I think it's so important to new posters/investors.From Oil Barrel - 23/1/15 8 Billion Barrel Resource Potential Confirmed Eight is a very lucky number in China – and Tangiers Petroleum (ASX:TPT, AIM:TPET) is starting to come up with 8s all over the place. It’s going to ask shareholders in the next few weeks to approve a name change to 88 Energy Ltd and it’s just been handed an Independent Resource Report identifying potential oil in place of 8 billion barrels at it’s Project Icewine (gross mean unrisked) in Alaska’s North Slope. The same report also indicates recoverable oil potential of 492 million barrels (gross mean unrisked)… These figures were conservatively evaluated by considering just 44% of the total project acreage for unconventional resources – appropriate given the early stage nature of the Project, however we see significant upside potential here if the entire project area is considered, the shale recovery factor is higher than first thought, or a shallower, conventional play works out. Does the North Slope of Alaska have the right elements to become the next big thing in unconventional liquids-rich shale plays? Tangier’s project partner, BURGUNDY Xploration, Inc., and it’s billion-barrel oil-finding principal, Paul Basinski, sure think so. Basinski believes the “HRZ Shale” has the key ingredients that make the best shale plays “tic”. If anyone might know its Basinski – he spearheaded ConocoPhillips early mover advantage in Eagle Ford shale, and led them to acquiring ~320,000 acres in the sweet spot of the play at rock bottom prices. Unique geological circumstances appear to have led to the formation of a higher-than-normal porosity and net shale pay, leading to a resource concentration that appears to be higher than the Eagle Ford, Bakken, Marcellus and Utica plays… Meanwhile various companies are pouring tens of millions of dollars of exploration investment into a shallow conventional target on the North Slope. Owing to the significant sums invested and the potential for multi-million barrel finds, it’s the hottest play on the North Slope right now. Regional studies and offset wells strongly indicate that this play may be present on TANGIERS acreage… TANGIERS’ immediate neighbour, Great Bear, is about to start drilling the first of up to three high impact wells for this conventional prize based on their latest 3D seismic survey results – one proposed well location is one and a half miles from TANGIERS’ boundary… Positive results from Great Bear are likely to have an immediate impact on TANGIERS’ valuation – currently with a humble market cap of less than $6M AUD at last market close on the ASX (and less than £3M at last market close on the AIM). With an 87.5% working interest on 99,360 continuous acres in the prolific North Slope – and a slew of nearby drilling events to come in 2015, surely the attention of potential farm-in partners is starting to focus on TANGIERS… TANGIERS is building up to a phased coring and drilling event in 2015/16 and plans to initially spend $2.1M (£1.1M). The company will need to raise funds to carry out this work – and at its upcoming Extraordinary General Meeting its going to set in motion plans to raise up to $6M AUD (£3.2M) of capital and hopefully put the company on a path back to good fortune. Are lucky 8s in store for TANGIERS? TPT_UA4_010 Tangiers Petroleum ASX:TPT AIM:TPET |
Posted at 18/2/2015 08:14 by kirk 6 great news today over subscribed and all insitiationl investors. |
Posted at 19/1/2015 10:41 by proactivest Video interview with MD Dave WallDave Wall, the managing director of Tangiers Petroleum (LON:TPET), tells Proactive Investors the next steps for the oil explorer are to finalise the purchase of its acreage in Alaska and to raise the funds needed for the project. Wall says the results of the Great Bear conventional drilling programme to the north of its new acreage will be a catalyst for the stock this year. |
Posted at 07/1/2015 07:30 by molatovkid Just skim read the January Investor update - looks very encouraging indeed. |
Posted at 11/11/2014 16:38 by dalcon01 Everythings OK then ? lolTangiers targets new high value assets with the success of its recent new funding initiative. The company now has its destiny in its own hands. Tangiers Petroleum’s goal remains the building of a successful exploration and production company, targeting overlooked or emerging play types. The Company is now in a rebuilding phase, having announced a planned exit from its Moroccan TAO-1 oil well play, made possible by recently acquired new funding. Management at Tangiers Petroleum (ASX: TPT) admit it has been a rough ride for shareholders following the failure of its key Moroccan asset but MR. David Wall clearly explained the factors effecting the lack of success and highlighted they were beyond the company’s control due to the structure and involvement of other parties in the process. Importantly this structural problem will not be encountered again. Belief in the Company and its management team has meant that new funds have been raised and Tangiers is ready to move forward again. The Company’s TAO-1 well was declared unsuccessful on the 4th August, having failed to encounter a quality reservoir or significant hydrocarbon but the final cost of the well also exceeded the Company’s internal budget. “This was largely due to factors not associated directly with the drilling, which was completed safely and efficiently. Unfortunately, several of the costs were not fully quantified until after the well had reached total depth,” Tangiers Petroleum managing director, David Wall told The Australian Investor. Following an internal strategic and technical review, the new board at Tangiers elected to exit its 25 per cent interest in the TAO-1 well and enter into a Deed of Settlement and Release with operator Galp Energia Tarfaya (Galp). Following a brief suspension from trading, Tangiers was re-instated after reaching an agreement with Galp to pay $3.4m, in stock or cash, if the market capitalisation of Tangiers exceeds US$50m within seven years of the agreement. After a final financial post-mortem, Tangiers revealed it spent A$12.64 million on exploration and evaluation in the three months to September 30. An additional A$1.4 million was spent on operating costs, and the company was left with A$1.26mln at the end of the period, a figure well below company expectations. “The well was drilled on time but not on budget, unfortunately ,” he said. “If we had known the well was trending over budget we would’ve tried to raise some more money, but our only reference for tracking cost was the schedule and on that basis we thought we were OK. “After the well had hit total depth, it became clear to us through some conversations with the operator that the costs were trending higher. “The costs went higher than we imagined possible and we had to negotiate a settlement, which effectively meant that we owed Galp US $3.4 million, an amount we couldn’t pay. “So we said we would transfer out our interest in the license to them and then if our market cap gets to US$50 million in the next seven years then will pay back the money – if we hadn’t taken that step, the company would’ve gone into administration.̶ Tangiers has now finalised its financial obligations with Galp at a total of US$18.56 million, funded by the Company’s cash position and leaving Tangiers with a cash balance of approximately A$1.25m. “We had hoped if the well wasn’t successful that we would have at least $5 million in the bank as a starting point, but really we ended up with about one million.” “I think shareholders recognise the new board including myself haven’t really had too many options available to us. “The cost of the well was out of control as it was operated by Galp. That was a decision made before we came on board and there was nothing we could do about it.” Having put the failed asset behind them, management is now positioning the Company to take advantage of several new oil and gas investment opportunities and has recently raised A$1.2mln to bolster working capital and support the company as it assesses new ventures. “We’ve raised another $1.2 million to enable us to evaluate a lot of new ventures opportunities that we have, a couple of which are at fairly advanced levels of negotiation.” The Company has also slashed overheads of greater than A$2.5m per annum, including cuts to staff salaries and Director’s fees. “The new board, Non-Executive Chairman, Michael Evans, myself and Non-Executive Director, Dr Stephen Staley, really joined the Company for this period of its lifecycle – the rebuilding,” Mr Wall said. He says the board remain focused on growing Tangiers into a successful exploration and production Company that delivers material benefits to its shareholders. “We are committed to taking an interest in some material projects and to grow a significant business. “We said to investors [in the capital raising] that this is a cheap entry price to get set again for the next stage. We could have raised more and had some good demand [for the capital raising], so that was encouraging.” The Company’s strategy remains to target overlooked or emerging play types where its small but experienced management team can move quickly to capitalise on opportunities prior to larger players moving in. “The opportunities we’re looking at are ones that can add significant value. We are not going to go and spend $2 or $3 million buying an asset that is going to produce 10 or 20 barrels a day and say look we are a production company. “We want to look at things that have hundreds of millions of barrels of oil or a TCF or more of gas as a potential resource,” he said. Details of on-going discussions remain confidential but management is hopeful of closing a binding agreement on at least one new deal before the end of the year. “We’re not targeting short-term cash flow, we’re targeting short-term value creation,” he said. “The past is the past and it was less than ideal. We own up to that and I believe a lot of people understand the reasons why things went out of our control. However, we now have control over the future of the business.” Tangiers Petroleum now has its destiny in its own hands. |
Posted at 12/6/2014 18:00 by travls Tangiers Petroleum and the interest free loans to directors, to encourage dilutionBY BEN TURNEY | THURSDAY 12 JUNE 2014 20 Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article. It is an immediate red flag for any stock listed on AIM, which holds its Annual General Meeting thousands of miles away. Irrespective of the nature of duel listings, companies on the London Stock Exchange should be directly accountable to British investors. Where shareholder approval is required, British investors should be given the opportunity to vote for or against proposals concerning the running of their companies. For God's sake, this is the age of the Internet, so why should investors be expected to traipse all the way to the other end of the world, so they can take part in a show of hands vote in Perth, Western Australian? Funnily enough, speaking of Perth, this is exactly where Tangiers Petroleum (TPET) has just held its AGM, at which the board gained approved for approval for the company's new and ludicrously generous Share Plan... In a great triumph (is that the right word?) of shareholder democracy, all of the resolutions at Tangiers' AGM were passed through the support of roughly 30,000,000 shares. When you consider that Tangiers has 178,000,000 shares in issue, this means that 16% of the company's shareholders voted in favour of the proposals put by the board. On its own, this fact is absurd enough, but when you look into the detail of the various resolutions, it quickly becomes apparent what a mockery this is. Most of the resolutions voted on at Tangiers' AGM deserve much closer scrutiny, but the two stand-out items were the adoption by the company of the new Share Plan (Resolution 6) and the share awards and loan made to Managing Director David Wall (Resolution 7). The Share Plan looks like it is going to come back to haunt shareholders. Remember that this is a company, which just loves to issue new shares. Look at the RNS history of Tangiers and you will immediately see the large number of equity issues in the last twelve months or so. Having established its penchant for dilution, it now appears that Tangiers wants to ensure its new directors get in on the act, through interest free loans made by the company. That's right. Cash-strapped and deeply troubled Tangiers, which had issued equity twelve times in the year preceding its latest desperate heavily discounted placement, is now authorised to make interest free loans to its board to allow them to buy shares in the company. Even Bill Kelleher and his fellow directors at New World Oil & Gas had the decency to pay interest on the $1million of loans they took out from their company to allow them to join in a placement party! Full details of the Tangiers Share Plan can be read in the Explanatory Memorandum, which was released with the announcement of the AGM, but suffice to say this plan looks like the epitome of extravagant, risk free and guaranteed rewards for directors, which are the blight of so many companies on AIM. David Wall must have woken up with a decidedly content feeling this morning. Lucky old Mr Wall became Managing Director of Tangiers on April 15th. In the RNS which announced his appointment, shareholders learned that Mr Wall would be paid a salary of $300,000 a year, would be entitled to a performance bonus of up to 50% of base salary and was granted 4.5million shares, subject to shareholder approval. This incredibly generous package, for an embattled company like Tangiers, was always going to raise a few eyebrows. Have a read of the RNS to see the vesting criteria for Mr Wall's 4.5million shares (worth roughly £400,000), but the interesting point about the loan Tangiers is going to make to him is, of course, that it is interest free. Interest free! £400,000!!!! As you can probably guess, I don't plan to put any money into Tangiers. I couldn't care less if the share price goes up from here, as what is clear to me is that anyone who puts money into this company is buying into a lavish executive beneficiary scheme. No thank you! - See more at: |
Posted at 30/5/2014 15:17 by h2owater Tangiers Petroleum's momentum continues on Tarfaya block potentialBy Ian Lyall May 30 2014, 11:42am Investors are betting on the success of TAO-1 well, to be drilled by the Portuguese firm Galp, which has 50% of the blockShares in Tangiers Petroleum (LON:TPET, ASX:TPT) were up 12% as investors continued to tune into the significant potential of the Tarfaya block off the coast of Morocco.Friday's move builds on the momentum seen since May 16. In that time the stock has risen 48%.Investors are betting on the success of TAO-1 well, to be drilled by the Portuguese firm Galp, which has 50% of the block. Work is set to get underway in the middle to late next month targeting 758mln 'unrisked' barrels of crude so the prize is huge for Tangiers, which is sitting on a 25% stake in the block."Tangiers Petroleum is a chance to invest in a pure-play, binary exploration well with potentially very large upside," said research house Edison.Its risked exploration net asset value for Tangiers is 39p a share almost triple the current price of 14p.Operator Galp is chasing three stacked targets: Assaka in the Upper Jurassic; the main target Trident in the Middle Jurassic and will move on to TMA if the well is deemed a success.The shares, up a third in the past week, advanced another 10% 13.2p each in morning trade.Galp is expected to have drilled Assaka by mid-July and Trident by late August, according to director Steve Staley, who knows all about frontier exploration following his time with Cove Energy. |
Posted at 23/5/2014 16:08 by illuminati1 Statement done during this interviewhttp://www. |
Posted at 09/4/2014 07:14 by illuminati1 Trading to resume.Excellent!Hun |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
