Tangiers Petroleum Limited (TPT), formerly DVM International Ltd (DVM), is an oil and gas exploration company listed on the Australian stock exchange (ASX).
Tangiers Petroleum Limited (TPT), formerly DVM International Ltd (DVM), is an oil and gas exploration company listed on the Australian stock exchange (ASX).
this is a very quite thread for a small oil company with a big few months ahead. re processing of morocco lease( a massive 15,000 square km's) should be complete in a few weeks, and looking to joint venture it out this year.
re processing of the old drillsearch energy lease turtle/bernett has found they think there is huge gas potential at higher depth which is on NT and western australia border , closeish to darwin.
With new management things look to be on the up for TPT. They have some very experienced employees, one of them being Eve Howell, who previously worked for Woodside. The sell orders have slowed and the buy orders are increasing, so the next few weeks/months could be interesting to watch.
Farming out could also be around the corner, which should boost peoples confidence in the company. 3D seismic data should also be out soon so we could see an upgraded resource. This was the case for PVD who are right next door and more than doubled their resource estimate after processing the 3D seismic.
Is anyone else looking at this company, or are all eyes on their neighbours?
Current SPP at 0.28 may mean danger of stagging short term.
No plans for drilling yet and I couldn't see any clue as to the plans for the Tarfaya lease...? Seismic indicates a lead but it is a less mature Moroccan exposure.
Wouldn't be wise to dismiss it though when looking at the latest action, there is certainly interest coming in:
Big volume, perhaps the end of the sell down. Low volume down days signaled that 10% move Friday - This week will tell the tale - the bigger players will be buying off the CR paperwork no doubt.
No large holders on the table yet as far as I could see either....watch for a 3b, might be something happening, and the nearology may be part of the action thanks Crows - although PVD currently offers a lead up to a farm in agreement which signals the run up for drilling so may see more action yet there as well.
Check back during the week...watching now.
The boys over at AIM weren't too happy about the SPP being only offered to ASX traders. Sitting at 22p on AIM and 37c on the ASX, so about even. I would be doubtful that the price would drop too much with the SPP being at 28c. Its only offered to those who already hold shares and no more than 15k can be invested so I see that as a plus.
I think with Eve's experience, TPT could make a few good farm out deals. But as always, time will tell.
Pretty impressive volume.....
Could be a change of trend happening...
"Dump everything aggressively. Take the price to a place where it trades" - Michael Platt - Hedge Fund Market Wizards
With this persistent seller at 37c with their large sell orders, we won't see the price budge much, if at all, until they are gone. Any solid positive news though and they will be a speedhump on the runway.
Well someone kick-started the day with a 150k buy order clearing the persistent seller out and the SP spiked to 42.5c but gave back the gains just as fast as they were made. Bots were definitely out having fun; there would have to have been over one hundred tiny 50 - 800 share trades holding the price down.
A lot of big orders have popped up at 37 - 38c so we probably won't see the price drop back any time soon. TPET on AIM is having a bash at climbing the ladder as well, currently at about 24p.
Now I'm keen to see what happens next week. (Jeez, I bet I'll repeat this for the next 3 months)
Here's a small article on TPT for those who are interested:
Tangiers Petroleum "in right place at right time"
Morocco and Australia-focused Tangiers Petroleum (LON:TPET, ASX:TPT) is in the right place at the right time according to broker Peel Hunt, which has kicked off coverage with a buy note and 55p target.
In particular, Peel Hunt sees the Moroccan acreage as a likely short-term value driver given recent farm-ins by Cairn Energy and Genel Energy into adjacent licences. As well as underlining the area as prospective for hydrocarbons, their interest also provides high quality industry endorsement,
Tangiers has a 75% operated interest in the 15,000 sq km offshore Tarfaya permit and is in a good position to conclude a farm-out on attractive terms, the broker said.
The Tarfaya permit contains eight under-explored licences that together are around one-third the size of the UK Southern North Sea. With an oil discovery nearby, hydrocarbon shows in a number of wells and an oil shale mine onshore, the permit is definitively located on top of an active, working petroleum system, said Peel Hunt.
A number of prospects have been mapped that cover two separate geological periods (Jurassic and Cretaceous) and the Jurassic prospects alone have a combined P50 unrisked prospective resource of 867MMbbls.
Although currently not as high profile as the Moroccan acreage, Peel Hunt considers the Australian licences to be equally as prospective from a geological standpoint. A farm-out process is also under way and a deal could be concluded in the first half of 2013.
On a risked adjusted estimate of the exploration upside, Peel Hunt has come up with a value of £569m or 332p/share, but due to timing uncertainty and various exploration risks the target price is a heavily discounted 55p/share.
Shares are currently 23.05p.
Today the quarterly report was released.
*Processing of the 677 km2 Assaka 3D seismic survey, which covers three of
the Company's primary prospects Trident, TMA, and Assaka, is progressing
with completion expected in late November 2012.
* Test lines extracted thus far from the survey demonstrate the overall data
quality is excellent and confirm the large Jurassic structures
* Preliminary mapping of rollover anticlines in Triassic grabens underlying
the Jurassic section has identified the presence of large structures;
Tertiary, Cretaceous and additional Triassic age sections will be further
evaluated in the coming months.
* Organic geochemical analysis of oils, cores and outcrop samples has
identified at least three and possibly four source rocks for the
hydrocarbons in the Tarfaya area; Jurassic and Cretaceous source rocks are
present and are viewed to be capable of generating two distinct families of
* Macquarie Capital (Europe), acting in the capacity of financial adviser for
Tangiers, opened a physical data room in London in early June in order to
provide potential farminee partner(s) access to seismic data, Independent
Resource and Competent Person's Reports, and all available well data
relating to the Tarfaya Block.
* There has been substantial interest from potential farm-in partners for the
Tarfaya Block aided by the fact that farm-ins to two nearby licenses have
been recently announced; the Company expects to complete the process by the
end of 2012.
Australia: WA-442-P and NT/P81 Exploration Permits
* ISIS Petroleum Consultants (ISIS), which was engaged by Tangiers to secure
a farm-in partner for the WA-442-P and NT/P81 Exploration Permits,
continues to entertain potential candidates in the physical data room
located in Perth.
* The Company is seeking a partner to promote future 3D seismic acquisition
and exploration drilling programmes within the two Exploration Permits.
* The focus is on the 14 Early Carboniferous age Milligans Fan oil play
leads, the Nova deep gas prospect, the Super Nova deep gas lead as well as
the potential shallower Turtle Barnett oil development.
* ISIS has prepared a Competent Persons Report for the 14 Milligans Fan leads
which provides a combined estimate of gross unrisked mean Prospective
Resources of 218 million barrels of oil with a high side case of 505
million barrels of oil.
* Additionally, a CPR prepared by ISIS for the Nova prospect provides an
estimate of gross unrisked mean Prospective Resources of 3.46 trillion
cubic feet of gas with a high side case of 7.83 trillion cubic feet of gas.
* Tangiers has been pleased with the level of interest seen thus far from
potential farminees and expects to complete the process by the end of 2012.
* An environmental study is ongoing in advance of the 3D seismic acquisition
programme to be acquired within the WA-442-P and NT/P81 Exploration Permits
with completion expected by the end of 2012.
* Tenders have been received for the acquisition of an approximate 500 km2 3D
survey overlapping both permits and are presently being evaluated.
Yesterday RFC Ambrian put a fair value on TPT at 110.3c. Here's the link to the report if anyone is interested:
Tangiers Petroleum Announces SPP Closes Oversubscribed
Tangiers Petroleum advised that it has raised $2.0m through its share purchase plan (SPP) at 28 cents per share (18 pence). The company had originally intended to raise $800,000 however, with a view to bringing forward the company's growth strategy, meeting the company's work program commitments and providing additional working capital until the farm-out of the company's existing projects have been achieved, the board has resolved to increase the maximum amount to $2.0m after receiving applications totalling $3.8m. The $2.0m is in addition to the $5.0m the company has received firm commitments for through a two tranche placement of approximately 18.2m shares at an issue price of $0.28 per share to sophisticated and institutional investors.
AIM is up 10.77% to 27p which is about A$0.42. One would think the extra shares put into the market would drag the SP down, but perhaps the 50% cash people are getting back is going straight into the market on hopes of news being released.
Tangiers relinquishes Queensland block to focus on African Growth Strategy
Tangiers Petroleum Limited (ASX: TPT) advises that it has withdrawn from ATP 587 and
relinquished its interest in this onshore Cooper-Eromanga Basin exploration permit in
The block was a legacy asset where exploration had not been advanced significantly.
The relinquishment is consistent with the Company’s previous announcements with
respect to ATP 587 and the Company’s strategy to focus on growth opportunities in
Tangiers is also progressing the farmouts of its Moroccan and Australian offshore
These measures, combined with the recent capital raisings, are aimed at enabling the
Company to step-up its search and analysis of onshore and shallow water acquisition
and farm-in opportunities in Africa.
Looking good. Management are sticking to their plans. Should have the Moroccan block's 3D out by the end of the week and maybe even a farm-out if the 3D is the final key to unlocking the best possible deal. Charts are looking great from what I can see. Great support with high volume, can only see this going up (of course with the dips in between).
Looking forward to the drilling.
I can only post with my phone right now so cant copy over the full announcements, but there we have it! A few minutes later after I post that message, news is announced of 2 JV's! 27% retention of the Aussue block and 25% retention of the Morocco block! Up to 7.5m back charges on the Morocco block, too! All we need now is a 3D! At least we know management can perform, which is a huge bonus.
DJ Carmichael released a nice report on TPT today.
Here's the first page:
Initiation: Leverage to Two Highly Prospective Areas
We are initiating coverage on TPT with a Speculative Buy recommendation and price
target of $1.57/sh. TPT is an emerging oil and gas explorer with high leverage to two
highly prospective areas (Tarfaya offshore block, Morocco and WA-442-P and NT/P81, in
the Bonaparte Basin, offshore Australia). TPT has been able to monetise its interest in
these basins by recently negotiating two material farm-out transactions. Its flagship
asset is the Tarfaya block, offshore Morocco which is in a region that has gained intense
industry focus with international oil and gas companies taking material positions. We
believe TPT offers investor s high leverage to significant exploration programs which
will be fully funded (post approvals) and on a success basis could provide unparalleled
- Morocco heating up: We believe the recent industry activity in Morocco highlighted by
TPT s recent farmout agreement with Galp Energia (Galp) and the entry of international oil
and gas companies such as Total, Cairn, Kosmos and Genel Energy (run by ex BP CEO
Tony Hayward) provides a compelling endorsement of TPT s Tarfaya offshore block. In
addition, Tarfaya is located in relatively shallow water and close to shore which reduces
drilling costs, lowers potential unit development costs in a success case and lowers the
required resource threshold for a commercial discovery.
- Two material farmouts worth $76m: TPT has negotiated two significant farm-out
agreements worth a total value of ~$76m for its Tarfaya offshore block, Morocco and its
WA-442-P and NT/P81 blocks, offshore WA and NT, Australia. The total value of these
farm-outs imply a see-through value of ~$0.25/sh to TPT which underpins a significant
amount of TPT s current share price while providing investors with high leverage to major
exploration programs which will be fully funded. Furthermore, TPT has secured a world
class joint venture partner in Galp Energia (Galp) for its Tarfaya offshore block, Morocco
with a proven track record in offshore exploration such as the pre-salt plays offshore
- Success at Trident could provide upside of ~$8.00/sh. The primary target in the
Tarfaya offshore block is expected to be Trident (423mmbbls oil, P50 estimate unrisked).
We estimate a success at Trident would be company changing, providing upside of
- High calibre management team: Key management of TPT is led by highly regarded oil
and gas executive Eve Howell as Executive Chairman. We believe this is a game-changer
for TPT given Ms Howell s experience with international energy companies such as
Woodside and Apache in senior executive positions.
- Strong balance sheet to build asset portfolio: Following the estimated ~US$7.5m in
back costs TPT will receive as a result of the Tarfaya block transaction, TPT will have
~$15m in cash. We believe TPT is in an enviable funding position which provides the
company with optionality to further build its asset base.
There was also the mention of drilling beginning for both Morocco and Australia in 2H 2013 which is promising. The recent SP dummy spit seems to have been a result of the JV announcement mentioning drilling before mid 2014. This scared a lot of short term traders and they ran for the hills; too bad they missed that word "before". I think the mid 2014 date is the latest possible time drilling can occur in the government licence agreement, hence the before being mentioned but also keeping the mid 2014 as a safety net until they can confirm a sooner date.
I have also been told that some brokers were ringing up their clients to tell them the JV deals were no good and to offload their shares before the SP tanked. As soon as a few offloaded, the rest followed after being spooked. This will likely come and bite the brokers in the behind when the dust settles, especially as 3D results are expected soon.
Anyone looking at this stock? Thinking Long term ofcourse.
Currently at 0.20, and will soon for drilling mid next year.. Ive been reading up on It and have only heard good/hopeful things..
I've heard that Thursday may be the day that the signing could happen and finally government approval given.. Though that's a rumour and has zero substance to it until it eventuates. However it is interesting to note that the SP lately has made a substantial bounce back from its lows so who knows, maybe someone has a hunch! (Not holding my breath though!)
Either way, the real SP action will be when drilling is under way next year in the first half, so fingers crossed that the neighbouring drills spudding before then can hit some black oozing gold just to boost the SP a bit further.