Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Tangiers Scraps Australian Farm-out Agreement

change text size

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.



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  Intan Extends Charter for 5 OSVs to Em... (Nov 21)
 -  Bumi Armada's 3Q 2014 Net Profit Rises... (Nov 21)
 -  Technip Wins Brazilian Flexible Pipe D... (Nov 21)
 -  Snoozebox Wins Workforce Hotel Deal wi... (Nov 21)
 -  Shell, Petronas Carigali to Develop E6... (Nov 20)
Most Popular Articles
From the Career Center
Jobs that may interest you
Manager of Employee Development
Expertise: Business Development, Human Resources
Location: The Woodlands, TX
 
Water Services Hydrogeologist
Expertise: Geologist
Location: Tucson, AZ
 
Production Planner
Expertise: Process Management
Location: Magnolia, TX
 
search for more jobs