Tangiers Petroleum Executes Australian Farm-Out Deal

Tangiers Petroleum has executed Farm-Out agreement with CWH Resources and Ansbachall Pty Limited covering two of Tangiers’ Australian exploration permits.

The agreement covers the permits WA-442-P and NT/P81, which are located in the southern Bonaparte Basin, about 250km south-west of Darwin.

As per the deal, CWH will fund all costs and expenses associated with seismic work, drill planning and exploration drilling within the permit areas up to a cap of A$35 million.

Once CWH has spent that amount, Tangiers will be required to pay 27% of the ongoing costs relating to exploration and operations, Tangiers said in a statement.