Tangiers ducks out of Aus shale
Heading for the exit: Tangiers has dropped its ATP 587 permit in favour of focusing on new opportunities in Africa
Josh Lewis 27 November 2012 05:53 GMT
Australia’s Tangiers Petroleum has relinquished an onshore permit in Queensland as it looks to switch its focus to further growth in Africa.
Australia’s Tangiers Petroleum has relinquished an onshore permit in Queensland as it looks to switch its focus to further growth in Africa.
The company revealed on Tuesday that it had withdrawn from its wholly-owned ATP 587 permit in the onshore Cooper-Eromanga basin.
Tangiers said the permit was a legacy asset where exploration had not been advanced significantly.
The disposal was is in line with the company's strategy to focus on growth opportunities in Africa in the form of onshore and shallow water acquisitions, as well as farm-in opportunities.
Tangiers previously stated that it believed the 946 square kilometre permit area to be prospective for conventional oil and gas as well as potential oil shale plays.
It also announced in Tuesday’s release that it was progressing with farm-outs of its Moroccan and Australian offshore exploration permits.
Tangiers currently holds a 90% interest in the WA-442-P and NT/P81 exploration permits off Australia which contain the Nova, Super Nova, Milligans Fan, Turtle Barnett oil development and Messner Lead prospects.
It also holds a 75% operated interest in eight permits off Morocco which make up the Tarfaya Block and include the Zeus, Little Zeus, La Dam, Assaka, Trident and Tarfaya Marin-A prospects.