By Ben Turney | Monday 19 January 2015
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.
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.
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