Tangiers to lose Australian permits

TANGIERS Petroleum has been advised by the Australian government that its two remaining permits in the country will receive no further extensions of time, resulting in the likely cancellation of the permits.

The lapse of WA-441-P in Western Australia and NT/P81 in the Northern Territory follow Tangier's withdrawal from and consequent cancellation of the NT/P83 permit late last year.

The company is viewing the likely loss of all its Australian permits as an opportunity to focus solely on its African operations.

A 50% farm-out of the company's interest in the Tarfaya offshore block in Morocco to Galp Energia is one such operation, with Galp assuming operatorship of the block's eight exploration permits and an obligation to spend $US40.5 million ($A44.8 million).

Tangiers is also in the process of a takeover bid for fellow African explorer Jacka Resources, opening up a portfolio of projects in Morocco, Tunisia, Nigeria, Somaliland and Tanzania.

loader