Gulf Oil and Gas accountACCOUNT

Tangiers is Cash Positive & Looking for New Opportunities

Source: www.gulfoilandgas.com 1/17/2014, Location: Africa

The Directors of Tangiers Petroleum Limited are pleased to present this report for the quarter ended 31 December 2013.

Highlights
Notification of the signature of the Joint Moroccan Ministerial Order approving the assignment of the 50% interest in the Tarfaya Offshore Block and operatorship to Galp Energia was received.

Planning of the initial Tarfaya Offshore Block exploration well, TAO-1, continued.

Overview
The key operational activities during the quarter were:
- the site survey over the proposed TAO-1 location was completed;
- Galp Energia continued to advance environmental approval and well planning for TAO-1;
- Galp Energia began screening the market for potential rig sharing/sublet options and preparing the invitation to tender documents for the drilling rig.

Highlights
The Company launched a recommended off-market takeover bid for Jacka Resources Limited (“Jacka”), an ASX listed, Africa focused oil and gas company with interests in Tunisia, Nigeria, Tanzania and Somaliland.

Notification of the signature of the Joint Moroccan Ministerial Order approving the assignment of the 50% interest in the Tarfaya Offshore Block and operatorship to Galp Energia was received.

Planning of the initial Tarfaya Offshore Block exploration well, TAO-1, continued.

The Company terminated the farm-out agreement with CWH Resources Ltd (“CWH”) in relation to the Bonaparte acreage in Australia as the CWH was unable to meet the conditions precedent. As a consequence, the request for a further extension of time from the National Offshore Petroleum Titles Administrator (NOPTA) was refused and 30 days’ notice was given to commence the process to cancel the permits. The notice period was to expire on 12 January 2014.

The Company was advised by NOPTA in December that the NT/P83 exploration permit in the Arafura Sea had been cancelled.

Financial
At the end of the quarter, the Company had net cash reserves of A$6.089 million excluding the US$3 million bank guarantee in Morocco.

The Moroccan Joint Ministerial Order has been received approving the assignment and transfer of operatorship of the Tarfaya Offshore Block to Galp Energia, so cash reserves will shortly be augmented by US$7.5 million of back costs and return of the US$3 million bank guarantee.

New Ventures
If the Jacka takeover bid is successful, the merged entity will possess a portfolio of highly prospective exploration, appraisal and development acreage in Morocco, Tunisia, Nigeria, Somaliland and Tanzania.

The Company continues to review and evaluate selected new venture opportunities in offshore shallow water and onshore in various African countries.

Tarfaya Offshore Block – Morocco (25%)
The Tarfaya Offshore Block (Figure 2), Morocco comprises eight contiguous permits covering an area of 11,281 sq km. The Tarfaya Block is situated approximately 600 km southwest of Morocco’s capital, Rabat, inboard of the Canary Islands on the Atlantic Margin. The Block contains multiple prospects and leads within Jurassic sediments as well as potential within the Tertiary, Cretaceous and Triassic Formations.

During the quarter, environmental studies were advanced; the TAO-1 well site survey was completed and detailed planning for the well continued.

Galp Energia was assigned its 50% interest in the Block and became operator. Tangiers retains a 25% interest in the Tarfaya Offshore Block.

The Assaka 3D seismic data covers the Trident, Assaka and TMA prospects, certified by Netherland, Sewell & Associates, Inc (NSAI). The La Dam prospect in the south of the Tarfaya Block is covered by a 580 sq km 3D seismic survey acquired in 2006 and reprocessed in 2011 by the Company. The combined total best estimate net (25% basis) prospective resource for the four Jurassic prospects in the Tarfaya block is 217 million barrels.

For more information about related Opportunities and Key Players visit North Africa Projects

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