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Tangiers Terminates Farm-out Agreement with CWH Resources

Source: www.gulfoilandgas.com 10/8/2013, Location: Not categorized

Tangiers Petroleum Limited (Tangiers) advises that it has terminated its Farm-out Agreement with CWH Resources Limited in relation to the offshore permits WA-442-P and NT/P81 (Permits) located in the Joseph Bonaparte Gulf, northern Australia.

Tangiers terminated the agreement because CWH did not meet the deadline to satisfy the conditions precedent. These conditions precedent (see announcement dated 22 May, 2013) included Tangiers obtaining from the relevant Australian government authority an extension of the time allowed to complete the minimum work commitments. Tangiers fulfilled this condition precedent, with a six-month extension (to 12 October 2013 for WA-442-P and 11 November 2013 for NT/P81) being granted to Tangiers to allow for planning and award of a seismic survey contract. However, CWH has not reached a decision on the award of the seismic vessel contract within the timeframe needed to meet the government’s requirements.

This is despite Tangiers providing CWH with an evaluation of the contractors’ bids and a recommendation on the most suitable contractor.

Tangiers is now actively seeking alternative farm-in partners to fund the work program commitments and will seek advice from the government regarding further extensions. If this is not successful by 12 October 2013, the joint authority may initiate cancellation of the two exploration permits.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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