LONDON (ShareCast) - AIM-listed exploration company Tangiers Petroleum has named Robert Dalton as Chief Financial Officer, a quarterly report issued by the company on Thursday has disclosed.

An investor relations contact for the company stated that the position had been newly created and represented a very recent appointment.

Further to the appointment of Dalton, the company reported a number of highlights for the quarter including the completion of the processing of 3D seismic data over the Trident, Assaka and TMA prospects in the Morocco-based Tarfaya Block.

The company stated that it had also executed a farmout agreement with Galp Energia for the assignment of a 50% interest in the Tarfaya Block for a carry of up to $33m in an exploration well and refund of back costs of $7.5m.

Located in offshore Morocco, the Tarfaya Block, comprises eight contiguous permits covering an area of 11,281 square kilometres. It is situated approximately 600km southwest of Morocco's capital, Rabat, inshore from the Canary Islands on Morocco's Atlantic Margin.

Tangiers Petroleum has a portfolio of two oil and gas assets in Morrocco and Australia.

Its share pruice was unchanged at 23.38p to 11:08 on Thursday.

MF

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