Tangiers Receives Encouraging CPR Regarding its Permits Offshore Australia

Tangiers Petroleum Limited, exploration company with permits offshore Australia and Morocco, has received a Competent Persons Report (“CPR”)  in respect of its WA-442-P and NT/P81 permit areas.

The permits are situated within the shallow offshore Bonaparte Basin in Northern Australia

The CPR includes an assessment of the size and prospective resources of the Nova prospect. The Nova prospect is an exploration prospect with  multiple reservoir targets in the Late Devonian to Early Carboniferous aged sediments. It is a major tilted fault block which trends north-north westerly and has an estimated areal closure of about 450 square kilometres. The estimated tops of the reservoir targets at the crest of the structure lie within the range of 3,250 to 3,600 m below sea level.

ISIS Petroleum Consultants estimated mean undiscovered unrisked gas initially in place of 6.93 TCF and the estimated mean unrisked prospective gas resources to be 3.46 TCF for the Nova Prospect.

“Undiscovered Gas Initially in Place” is that quantity of gas which is estimated, on a given date, to be contained in accumulations yet to be  discovered. The estimated potentially recoverable portion of Undiscovered Gas Initially in Place is classified as Prospective Resources.

“Prospective Resources” are those quantities of oil or gas which are estimated, on a given date, to be potentially recoverable from undiscovered accumulations.

Mark Ceglinski, Chairman of Tangiers Petroleum, commented, “Nova is one of the exciting exploration prospects within the company’s  Bonaparte Basin block. The ISIS CPR confirms the significant size and potential of this prospect. Tangiers is looking forward to the further evaluation of the Bonaparte Basin Block which includes the Nova prospect, the Turtle and Barnett discoveries, the Super Nova prospect and Messner Leads.”

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Offshore Energy Today Staff , November 25, 2011