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Tangiers Petroleum; laughable RNS, but might soon be a speculative buy

2015-01-19 08:27:44

Sometimes we are lucky enough to come across an RNS, which is so outrageous it is just plain funny. This morning, the soon to be renamed Tangiers Petroleum (TPET) issued a corker. According to its “recently completed Independent Resource Report”, the company’s Icewine Project, in Alaska, could contain a potential gross mean unrisked 8billion barrels of oil in place. Better yet, Icewine has an estimated 41% “probability of geologic success”. For little old Tangiers, up 45.8% to 0.88p and valued at £4million, this sounds too good to be true. The reason for this is quite simple. It is because it almost certainly is.

ARTICLE

Tangiers Petroleum; David Wall obliterates his shareholders

2014-09-24 12:35:17

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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Tangiers Petroleum; piecing together the jigsaw

2014-07-31 11:02:13

I found Monday’s announcement from Tangiers Petroleum (TPET) a little strange. In announcing that the TAO-1 exploration well had intersected its secondary objective, Assaka, but had not encountered hydrocarbon shows “based on currently available information”, the board must have known what would happen to the share price. Predictably, it crashed c.40% over the following few days, to close at 7.13p yesterday. What was odd about this announcement is that the company voluntarily unleashed the dreaded duster phraseology on seemingly incomplete information. This morning, dual-listed Tangiers announced it had requested a trading halt on both ASX and AIM “due to pending results from the TAO-1 exploration well”. This now begs the question why Tangiers didn’t suspend its stock on Monday and wait until Tao-1 drill had reached the Assaka total depth?

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Tangiers Petroleum - worth a trade

2014-07-04 07:02:23

The AIM market finally seems to be showing some appetite for oil and gas stocks and I’d expect some of that to spread to Tangiers Petroleum (TPET). A lot has happened since I tipped this company here at 12p back in January, including the deal with Jacka Resources falling through, suspension of trading for a couple of months after the resignation of some of the board members, and the raising of $9 million through equity issues.

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Tangiers Petroleum: Watch the TAO-1 drill for signs of life in the AIM oil and gas exploration sector

2014-06-26 11:24:06

I won’t name (and shame?!) him, but I had a recent chat with one of our contributors recently about the virtues or otherwise of buying into Tangiers Petroleum (TPET) as a trade on oil frenzy. My coverage of Tangiers hasn’t been exactly favourable and I’d have a very hard time buying such a stock without applying a clamp to my nose. However, for my unnamed colleague, Tangiers represents a tradeable buying opportunity. He could well be right and it will be interesting to watch the market’s response in the coming weeks to this news that drilling operations at the TAO-1 Well have started.

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Tangiers Petroleum and the interest free loans to directors, to encourage dilution

2014-06-12 15:20:32

It is an immediate red flag for any stock listed on AIM, which holds its Annual General Meeting thousands of miles away. Irrespective of the nature of dual listings, companies on the London Stock Exchange should be directly accountable to British investors. Where shareholder approval is required, British investors should be given the opportunity to vote for or against proposals concerning the running of their companies. For God’s sake, this is the age of the Internet, so why should investors be expected to traipse all the way to the other end of the world, so they can take part in a show of hands vote in Perth, Western Australian? Funnily enough, speaking of Perth, this is exactly where Tangiers Petroleum (TPET) has just held its AGM, at which the board gained approved for approval for the company’s new and ludicrously generous Share Plan...

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Tangiers Petroleum at 12.5p worth 39p – more paid for research

2014-05-30 07:36:24

This time the report is vaguely credible not the shocking lie-filled ramp Tangiers Petroleum (TPET) commissioned in Australia which we reported on HERE. Today’s paid for offering comes from Edison, the employer of star analyst and convicted felon Champagne Charlie Gibson. Sadly it is not the Hon Charles who has produced this report.

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Tangiers Petroleum – extended fund raise – this stinks like a kangaroo's arse

2014-05-28 08:55:52

Where do you start with the new posterboy of the AIM Cesspit, Tangiers Petroleum (TPET) and news yesterday that it has increased its fundraise from A$5 million to A$9 million?  The whole thing stinks

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Tangiers Petroleum – Another Kick in the Gonads for Investors?

2014-05-26 09:03:41

Even certain advisors to AIM and ASX listed Tangiers Petroleum (TPET) have started to call The Sheriff of Aim to express their concern as to the way it communicates with investors. Well hang on fellas, are your long suffering UK stockholders on the AIM Cesspit about to get another kick in the Gonads?

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Tangiers Petroleum – An Apology from me, Questions and Condemnation

2014-05-22 12:13:23

James Parter revealed some quite disgraceful ramping of shares in Tangiers Petroleum (TPET) yesterday. His analysis was superb and shows why an Australian website was publishing plain untruths about this dual listed company. I suggest reading his article here.

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Exposed: Professional Ramping Services - ref Tangiers Petroleum

2014-05-21 05:53:20

Today I wish to enlighten ShareProphets’ readers with the truth. Not all tipping websites out there are remotely interested in making you money. They are more interested in lining their own fat pockets. Here is a case study of an example from yesterday and why the culprit website is not to be trusted.

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Tangiers Petroleum – announces planned placement, broker promptly resigns!

2014-04-29 09:38:41

When was the last time you heard of a broker quitting immediately after a client had announced a planned capital raising? Aren’t all brokers meant to be fee hungry rapacious beasts? Just how foul tasting must the carrion be if even a broker is not prepared to feast on it?!!! Today, these are all questions unfortunate shareholders in Tangiers Petroleum (TPET) will no doubt be asking themselves.

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Tangiers Petroleum: what on earth is going on?

2014-02-10 09:42:31

Reading the recent RNS announcements of Tangiers Petroleum (TPET) has given me an insight into what it must feel like to be one of those people who slows down on the other side of the motorway to gawp at car crashes. I have zero interest in buying this stock, yet somehow I am compelled to keep on reading disastrous release, after disastrous release.

ARTICLE

Tangiers Petroleum: Risk Of 7p Target While Below 50 Day Moving Average at 12p

2014-02-04 10:40:20

It is not difficult to see from the present charting configuration of Tangiers Petroleum (TPET) that we are looking at a situation where the bulls would have got a sinking feeling in recent months.

ARTICLE

Busy Year Ahead for Tangiers Petroleum - Buy

2014-01-29 08:56:40

LIKE so many other small oilers, there were high expectations when Tangiers Petroleum (TPET) first listed on AIM, but since then the share price has declined steadily. We could finally be about to see a change in fortunes though, with many technical indicators pointing to the current price of around 12p providing a base from which it can have a good bounce and a change in trend.

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