Tangiers looks for new partner as CWH deal falls through
PERTH (miningweekly.com) – Oil junior Tangiers Petroleum has terminated a farm-in agreement with CWH Resources after the latter failed to meet deadlines.
In May, Tangiers signed a deal with CWH Resources and Ansbachall over two of its Australian exploration permits.
Under the agreement, CWH was responsible for all costs and expenses associated with seismic work, drill planning and exploration drillings, capped at A$35-million, in exchange for a 70% shareholding in the project area.
The agreement was subject to a number of conditions, including Tangiers obtaining government extension to complete minimum work commitments on the project area, and the two parties reaching an agreement on the terms of the joint operating agreement.
Tangiers said on Tuesday that CWH had failed to meet the deadline to satisfy the conditions precedent, which included the award of a seismic vessel contract.
As a result, Tangiers has terminated the farm-in agreement, and told shareholders that it was now seeking an alternative partner to fund the work programme commitments.
If the company was unsuccessful by the October 12 deadline set by government, the joint authority could initiate cancellation of the two exploration permits.
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