Tangiers Petroleum adds 15,000 sq km to Australian exploration portfolio

Tangiers' planned exploration will initially focus on geotechnical studies and the acquisition of 500km of 2D seismic data Tangiers' planned exploration will initially focus on geotechnical studies and the acquisition of 500km of 2D seismic data
Tangiers Petroleum (LON:TPET, ASX:TPT) has added 15,000 sq km to its Australian exploration portfolio - with the award of a new permit.
It comes after a successful work programme bid and permit NT/P83 is believed to be highly prospective based on source and reservoir rocks.
The permit lies in the Money Shoals basin in the Arafura Sea to the north of Melville Island and the Coburg Peninsula of the Northern Territory and is around 100km north of Darwin.
A number of exploration wells have been drilled near the permit with gas discoveries to the west in the wells Caldita-1, Lynedoch-1 and ST-1, Lynedoch-2; and gas shows in the Beluga-1 well.
Tangiers' planned exploration will initially focus on geotechnical studies and the acquisition of 500km of 2D seismic data.
Executive chairman Mark Ceglinski said: "The grant of NT/P83 is a exciting step in furthering the company's strategy to expand its exploration portfolio.."
"NT/P83 is an excellent complement to the company's existing Moroccan and Australian acreage," he added.
Source: Proacive Investors