Tangiers Petroleum (LON:TPET) the dual listed (ASX:TPT/AIM:TPET) oil and gas exploration company led by new Executive Chairman Eve Howell has recently announced a proposed capital raising of up to $5.8 million through a share placement and share purchase plan to launch the first steps of its growth strategy. Tangiers Petroleum shares have been trading on the alternative investment market since February 2012 and is focused on unlocking oil and gas resources within its Moroccan and Australian acreage and attracting new project acquisitions through evaluating new onshore and shallow water African basin opportunities.  . Ms Eve Howell, with 40 year experience in the industry and having previously held senior roles for Australian exploration and production company Woodside Energy Ltd and Apache Energy Ltd, will spearhead the new aggressive growth strategy for Tangiers Petroleum with the aim of developing the Company into a substantial African petroleum group.
Commenting on the fundraising, Eve Howell, the Company's new Executive Chairman noted that: 
"This raising will enable us to hit the ground running,"
"We see the support shown for this capital raising and the investment by new institutional and existing shareholders as a strong endorsement of the strategy the new Board has undertaken and positions us strongly to fulfil our growth objectives. There are significant opportunities in Africa for Tangiers to acquire interests in exploration and development projects.
"As part of our strategy, we are looking for deals which have the potential to generate substantial returns for shareholders."
In Morocco, Tangiers hold eight permits on a 75% operator interest alongside the Moroccan State Government who are on a 25% carry through exploration, covering 15,041 km2. The acreage located on the East Atlantic Margin offshore North West Morocco is an underexplored are with only 4 wells previously drilled on the acreage, three of those back in the 1960s and 1 commitment well in the mid-eighties, however all 4 wells had hydrocarbon shows. In an independent report prepared by Netherland, Sewell and Associates which focused on Tangiers’ initial four Jurassic aged prospects; La Dam, Assaka, Trident and TMA. an un-risked best estimate prospective resource of 867 mmbbls of oil on a 100% basis with a high case estimate potential resource of 4,959 mmbbls of oil for the four prospects combined was reported. 
Tangiers now expect to complete the process to find a farm-out partner for the Tarfaya offshore acreage and report their findings following a recent 3D seismic data acquisition, ahead of planning a 2 well campaign. The area is generating interest, and in recent weeks a couple of high profile deals have been announced covering two licenses to the North and North-East of Tangiers' Tarfaya block. The combined deals were worth over $100 million dollars and commit the farm-in partners Genel Energy (LON:GENL) and Cairn Energy (LON:CNE) to drill two wells in the area. Other London listed O&G companies with exposure to Morocco include, Fastnet Oil & Gas (LON:FAST), Serica Energy (LON:SQZ) and San Leon Energy (LON:SLE).
Commenting on the news, City house broker Old Park Lane, who have a target price of 150p for Tangiers Petroleum stated: 
"The recent news flow from Morocco is a very positive indicator for Tangiers as it demonstrates the value currently represented by the offshore acreage,"
"Given that Tarfaya is larger than Foum Draa and Sidi Moussa combined with four large prospects already identified on the block, we believe that Tarfaya is likely to attract a significant amount of attention from potential farm-inees over the coming months."
In Australia Tangiers operates licenses on a 90-100% interest, which are located in the Southern Bonaparte Basin offshore, around 250km southwest of Darwin where the Northern Australia gas and LNG hub is based. One of its key Australian plays is the Turtle and Barnet oil fields which had oil discoveries in the mid-eighties where multiple oil bearing reservoirs were intersected, with production figures of 750-930 bopd (38 degree API) on a drill stem test, Tangiers are now considering development concepts for this area. Other key licenses include the Milligans Fan which has the potential for oil, with ISIS estimating unrisked oil in place of 683 mmbbls with a low to high case of 118 – 1,489 mmbbls, and the Nova and Super Nova which has large gas structures with multi TCF potential. The work programme for the Australian assets include, mapping, seismic studies, well planning and farming-out interest with ISIS Petroleum appointed for this task. 
With new management at the helm and funds at hand things could progress a bit quicker now for Tangiers Petroleum who definitely have the big numbers to warrant a place on the research and watch list in my opinion.
Ticker code: TPET, Shares in issue: 107m Current SP: 19.75p Market Cap: £21.13m
Disclosure: The Author of this article holds shares in Tangiers Petroleum.
 RNS 24 September 2012, TANGIERS PETROLEUM LIMITED http://www.investegate.co.uk/Article.aspx?id=20120924070000P2449
 TPET Presentation 24 Sept 2012, http://clients2.weblink.com.au/clients/tangierspetroleum/article.asp?asx=TPT&view=6605104
 Tangiers Petroleum: Recent Morocco news flow "very positive", says broker, 28 August 2012 - Proactive Investors, http://www.proactiveinvestors.co.uk/companies/news/47383/tangiers-petroleum-recent-morocco-news-flow-very-positive-says-broker--47383.html
 OPLC, Milligans Formation valuation upside, April 2012, http://tangierspetroleum.com/~/media/Files/T/Tangiers-Petroleum/Attachments/broker-analyst-reports/TPET-03-04-12.pdf
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