Tangiers Petroleum Approves Australian Farm-Out

Tangiers Petroleum has approved the final terms of its Farm-Out Agreement with CWH Resources Limited and Ansbachall Pty Limited covering two of Tangiers’ Australian exploration permits.

Farm-Out Agreement will be executed by the parties at a signing ceremony to be held during the week commencing 20 May 2013.

The agreement covers the permits WA-442-P and NT/P81, which are located in the southern Bonaparte Basin, about 250 km south-west of Darwin. The two permits include the Nova, Super Nova, Milligans Fan, Turtle Barnett Oil Development and Messner Lead Prospects.

The Nova prospect has un-risked probabilistic gas-in-place range from a low estimate of 32.7 trillion cubic feet of gas (Tcf) to a high side of volume of 67.1 Tcf with a best estimate of 47.3 Tcf.

The Super Nova has un-risked probabilistic gas-in-place range from a low estimate of 38.2 Tcf to a high side case of 80.6 Tcf with a best estimate of 60.1 Tcf.

The significantly large gas-in-place volumes rank the Nova and Super Nova prospects in the same class as the large gas discoveries in the Bonaparte Basin and Nortwest Shelf region, offshore Australia.