Tangiers Petroleum’s Alaska move teams it with Eagle Ford pioneer
Tangiers Petroleum is changing its name to reflect is change in strategic direction to Alaska from northern Africa.
This follows the failure of the TAO-1 well off the coast of Morocco, which it held a 25% interest.
Success could have been transformational for Tangiers, but managing director David Walls pointed out the well was always high risk and wasn’t the primary reason he came into the company.
“It was more like an option for us. Our skillset is starting companies,” he told Proactive Investors UK.
He and director Stephen Staley, one of the executives behind the success of Cove Energy, are keen to talk about the next project.
It takes the business from the warm Atlantic waters off the coast of northern Africa to an altogether more inhospitable environment: Alaska.
In all, it is snapping up almost 100,000 acres on the state’s North Slope.
The recent announcement from the company revealed the group had teamed up with a firm called Burgundy Xploration on Project Icewine.
Source: Tangiers Petroleum