Tangiers Scraps Australian Farm-out Agreement

Junior explorer Tangiers Petroleum reported Tuesday that it has terminated a farm-out agreement with CWH Resources in relation to its offshore permits WA-44s-P and NT/P81 in the Joseph Bonaparte Gulf, northern Australia. The firm said that it terminated the agreement because CWH had not met the deadline to satisfy the farm-out conditions.

CWH has not reached a decision on the award of a seismic vessel contract within the timeframe needed to meet the Australian government's requirements in spite of Tangiers providing CWH with an evaluation of the contractors' bids and a recommendation on the most suitable contractor, according Tangiers.

Tangiers said it is now actively seeking alternative farm-in partners to fund the work program commitments. It will also seek advice from the government regarding further extensions to time allowed to complete the minimum work commitments that are required to keep the permits.

Tangiers has been attempting to farm out its Australian assets in order to pursue its strategy of focusing on developing opportunities in Africa.

The firm added that in Morocco all the conditions for the signing of the joint order by the energy and finance ministers for the Tarfaya offshore block have been met and that it expects these ministerial signatures shortly. While awaiting approval, Tangiers' partner Galp Energia is moving ahead with well planning and hopes to spud the Tao-1 well in the first half of 2014.

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