Tangiers remains in trading halt

Tangiers Petroleum Limited, an Australian-based oil explorer with assets offshore Morocco in shallow water advises that the company’s securities continue to be suspended on both ASX and AIM pending the release of an announcement to the market in relation to Tangiers’ funding obligation for the TAO-1 exploration well.

“The Company expects the securities to re-commence trading on Monday 8 September 2014,” Tangiers said in a release.

Tangiers has a 25 per cent participating interest in the Tarfaya Offshore Block, which is being operated by Galp Energia with a 50 per cent interest. The remaining 25 percent interest is held by ONHYM (Morocco’s National Office of Hydrocarbons and Mines), which is carried through the exploration phase.

On August 4, Galp announced that the exploration well TAO-1, located in the Tarfaya Offshore area, in the Atlantic margin of offshore Morocco, failed to find hydrocarbons and that the drilling rig was mobilising to another location.