Tangiers to re-list on ASX following two week suspension

Published at Apr 28, 2014, in Energy

Tangiers Petroleum Ltd (ASX: TPT) is planning to re-list on the ASX on the 9th of May, after it suspended its ASX trading for nearly two weeks.

Suspension on the ASX

The company announced on the 28th of April it was suspending its listing on the ASX after two key members of the company’s management team quit in the wake of a failed takeover.

Eve Howell, TPT Executive Chairperson, and Max de Vietri, TPT Non-Executive Director, resigned following TPT’s unsuccessful bid to acquire Jacka Resources (ASX:JKA). Both said they decided it was best to leave the company because they had ‘lost the support of several major shareholders’.

The decision to suspend ASX trading came while TPT began planning to spud three wells its offshore Moroccan development in North Africa.

New board members hired

Since the suspension, three new employees have been hired, including Managing Director David Wall, and TPT Directors Dr Stephen Staley and Michael Evans.

All three have vast experience in working with oil and gas companies, with Wall’s background strong in Africa and Dr Staley holding a PhD in Petroleum Geology. Evans was the former Executive Chairman of oil and gas explorer FAR which also has developments in Africa.

As activity builds ahead of the company’s spudding in mid-June, TPT has announced that it would like to re-list on the ASX on or before the 9th of May, so that it can have a chance at raising further funds for its Moroccan offshore development.

TAO-1 well on the Jurassic carbonate fairway

TPT is planning to drill at its TAO-1 well, located on the Jurassic carbonate fairway in offshore Morocco. The area is proven to have oil potential, as previous tests of the area have shown overlying Cretaceous sediment and an absence of salt in the area, meaning it’s unlikely the drill results will produce heavy oil.

TPT is working with energy operator Galp in a farm-out, and the operator will be covering US$33M of TPT’s costs under the deal.

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