nice article25 Jan 2015 17:58
P SHARE IDEAS: Tangiers Petroleum teams with Eagle Ford shale pioneer as it moves to Alaska
By IAN LYALL FOR THISISMONEY.CO.UK
PUBLISHED: 11:17, 12 January 2015 | UPDATED: 11:30, 12 January 2015
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I joked when I saw the new strategic direction being taken by Tangiers Petroleum under Dave Wall that a name change was in order.
It turns out the company will ditch the moniker after the failure of the TAO-1 well off the coast of Morocco, in which the AIM listed explorer had a 25 per cent interest.
Success could have been transformational for Tangiers, but as Wall points out TAO-1 was always high risk and wasn’t the primary reason he came into the company.
Oil exploration: Alaska's North Slope is famed for the giant Prudhoe Bay discovery (pictured)
Oil exploration: Alaska's North Slope is famed for the giant Prudhoe Bay discovery (pictured)
‘It was more like an option for us. Our skill-set is starting companies,’ the Tangiers managing director told Proactive Investors.
He and director Stephen Staley, one of the executives behind the success of Cove Energy, are keen to talk about the next project.
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It takes the business from the warm Atlantic waters off the coast of northern Africa to an altogether more inhospitable environment: Alaska. In all, it is snapping up almost 100,000 acres on the state’s North Slope.
The recent announcement from the company revealed the group had teamed up with a firm called Burgundy Xploration on Project Icewine. The driving force behind Burgundy is a petroleum geologist called Paul Basinski.
Few outside the world of oil and gas will have heard of him, but to those who know the industry, he is something of a cult figure. For Basinski was a key player in the discovery of the prolific Eagle Ford shale play in Texas and New Mexico.
Read more: http://www.thisismoney.co.uk/money/investing/article-2906500/SMALL-CAP-SHARE-IDEAS-Tangiers-Petroleum-teams-Eagle-Ford-pioneer-moves-Alaska.html#ixzz3PrD5pAwL
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