Company Announcement: Tangiers takes another key step in growth strategy
This article has been supplied.
Tangiers Petroleum Limited is pleased to announce that its Board has approved the final terms of its Farm-Out Agreement with CWH Resources Limited and Ansbachall Pty Limited covering two of Tangiers’ Australian exploration permits. Tangiers has also been informed that the Boards of CWH and Ansbachall have approved the final terms and conditions of this Farm-Out Agreement, which will be executed by the parties at a signing ceremony to be held during the week commencing 20 May 2013. The Agreement covers the permits WA-442-P and NT/P81, which are located in the southern Bonaparte Basin, about 250 km south-west of Darwin.
Subject to completion, the participating interests of the parties will be:
Tangiers 27%
Ansbachall 3%
CWH 70%
From the date of execution of the Farm-Out Agreement, CWH will fund all costs and expenses associated with seismic work, drill planning and exploration drilling within the permit areas up to a cap of A$35 million. Once CWH has spent that amount, Tangiers will be required to pay 27 per cent of the ongoing costs relating to exploration and operations. Agreement on the terms of the Farm-Out represents another key milestone in Tangier’s strategy to build an international oil and gas company with strong growth prospects. The Agreement is consistent with the Company’s stated plan to either reduce or eliminate altogether its near-term expenditure commitments on its existing assets while retaining significant exposure to their potential upside. At the same time, Tangiers is seeking opportunities to acquire interests in African petroleum assets, either onshore or in shallow water, with strong exploration potential and ultimately cash flow.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
ZF Aftermarket is the after-sales division of the world-renowned German ZF group, a global leader in mobility technology.
VISIT SHOWROOM
Complete range of security sealing solutions including security seals bags and labels.
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
