UK 22:37 Monday, 21 September 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
The reckless mismanagement of Tangiers Petroleum (TPET) has led to yet another shareholder wipeout. To be frank the writing has been on the wall for this dreadful stock for a while, but today’s shocking RNS announcement will do little to soothe badly burned shareholders. The company claims that the “final cost of the TAO-1 well was in excess of the Company's internal budget”. This is apparently why Tangiers is now in such a dire financial state and is being forced to relinquish its 25% stake in the Tarfaya Offshore Block, Morocco, as well as conduct a $1.2million placement at the equivalent of 0.324p (a 97.5% discount to the prevailing pre-duster price). The problem with this line of argument is that the costs of the TAO-1 exploration well came within the “plus or minus 25% variance” announced in the amended budget on April 28th. To add insult to injury, rather than explain why he bet the farm on a single wildcat exploration well, Managing Director David Wall instead believes the market owes him a second chance. It doesn’t.
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Comments
Duck and Dive
At least the Aussies are better than the Chinese…I think.
That said, this is a monumental crock of shite. But it’s hard to feel sorry for a bunch of greedy, brain-dead PIs who fall for these pot-of-gold fairytales time after time. And just when you think they must all be wiped out by now, along come reinforcements to follow them off the cliff. Useless, pathetic, stupid.
Ben Turney
@Duck and Dive – Pretty much sums up how I feel about the market. I hate to think how many hundreds of millions of pounds have been poured down the drain over the years in this giant Ponzi. The true figure could even be in the billions. So destructive to UK PLC. AIM should be a national treasure, not a stinking cesspit
DiscoStu
Well I’m blowed… according to the LSE site: Users who hold TPET also hold: Quindell.
QPPSAG members really are having a tricky time, are they?
No surprise after my earlier post here: http://www.shareprophets.advfn.com/views/7902/ming-le-another-chinese-shoe-fraud-emerges-a-clear-warning-for-camkids-investors
From the LSE website:
Users who hold CAMK also hold: Monitise, Naibu Global and Quindell.
Users who hold NBU also hold: Iofina and Quindell.
Users who hold IOF also hold: Quindell.
Users who hold MONI also hold: Quindell.
Users who hold MPOW also hold: Quindell.
Tangiers Petroleum, Camkids, Naibu Holdings, Iofina, Monitise, Mopowered Group! QPPSAG – can you hear me, QPPSAG! Your boys took one hell of a beating! Your boys took one hell of a beating!’
Striebs
There were a number of red flags :-
1) Pete Landau’s Range Resources purchased a large holding in Tangiers when they were on ASX .
2) They came to London to list on AIM .
3) Their choice of London advisors . I think this was down to naivety .
Sadly a number of their prospects looked pretty good and more of them might have got drilled in a better climate .
Ben you are undoubtedly right about AIM .
Innovative British startups desperately need a market where they can raise money .
Other British companies need the Mr Mainwaring bank managers but the position and culture which created them was abolished 20 years ago .
London doesn’t understand small companies these days .
I think it did 25 years ago .