Tangiers Petroleum commenced trading on AIM on 3 February 2012. This move follows the successful placing of 12.7m new shares raising A$6.35m with UK, North American and Australian investors and will complement the company’s existing listing on the ASX. The new funds will be used to advance Tangiers’ highly promising oil and gas exploration activities in Morocco and Australia.

The recent fund raising puts Tangiers in a strong position to continue its exciting work programmes in Morocco and Australia and we believe that the company will attract a partner to promote the group’s exploration programme in Morocco in the current year. Following the recent successful fund raising and the impact of an increased number of shares in issue on a fully diluted basis, we have established a Sterling price target of 115p (equivalent to A$1.79) for the shares upon Tangiers’ introduction to AIM.

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