Tangiers Petroleum 100% Share Price Spike Prompts ASX Speeding Ticket

24 August 2011-Proactive Investors Australia

Tangiers Petroleum (ASX: TPT) hit $0.41 yesterday in intra-day trade, double the $0.205 from two weeks earlier-with the company a recipient of a price and volume speeding ticket from the ASX.

Tangiers replied that the company is not aware of any material information that has not been released to the market, which may explain the sudden investor interest.

The company did however state back to the ASX:

'It is believed that a broader market awareness of the exciting potential of the company’s global portfolio of assets, including the Nova and Super Nova prospects in Australia and the Tarfaya offshore block in Morocco, has contributed to the increase in both the price and volume in the securities of the company.'

The Tarfaya offshore is a very interesting project, with an Unrisked best estimate 867 million barrels of oil (high side of 4,959 million barrels of oil) on first four Jurassic prospects.

There are eight permits covering 15,000 square kilometres, with water depth generally less than 200 metres.