Tangiers Petroleum (LON:TPET) the dual listed (ASX:TPT/AIM:TPET) oil and gas exploration company led by new Executive Chairman Eve Howell has recently announced a proposed capital raising of up to $5.8 million through a share placement and share purchase plan to launch the first steps of its growth strategy.  Tangiers Petroleum shares have been trading on the alternative investment market since February 2012 and is focused on unlocking oil and gas resources within its Moroccan and Australian acreage and attracting new project acquisitions through evaluating new onshore and shallow water African basin opportunities. [1] . Ms Eve Howell, with 40 year experience in the industry and having previously held senior roles for Australian exploration and production company Woodside Energy Ltd and Apache Energy Ltd, will spearhead the new aggressive growth strategy for Tangiers Petroleum with the aim of developing the Company into a substantial African petroleum group.

Commenting on the fundraising, Eve Howell, the Company's new Executive Chairman noted that: [2]

"This raising will enable us to hit the ground running,"

"We see the support shown for this capital raising and the investment by new institutional and existing shareholders as a strong endorsement of the strategy the new Board has undertaken and positions us strongly to fulfil our growth objectives. There are significant opportunities in Africa for Tangiers to acquire interests in exploration and development projects.

"As part of our strategy, we are looking for deals which have the potential to generate substantial returns for shareholders."

 

In Morocco, Tangiers hold eight permits on a 75% operator interest alongside the Moroccan State Government who are on a 25% carry through exploration, covering 15,041 km2. The acreage located on the East Atlantic Margin offshore North West Morocco is an underexplored are with only 4 wells previously drilled on the acreage, three of those back in the 1960s and 1 commitment well in the mid-eighties, however all 4 wells had hydrocarbon shows. In an independent report prepared by Netherland, Sewell and Associates which focused on Tangiers’ initial four Jurassic aged prospects; La Dam, Assaka, Trident and TMA. an un-risked best estimate prospective resource of 867 mmbbls of oil on a 100% basis with a high case estimate potential resource of 4,959 mmbbls of oil for the four prospects combined was reported. [3]

Tangiers…

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