LONDON (ShareCast) - Oil exploration company, Tangiers Petroleum, has succeeded in its bid for a large oil-rich onshore area in Alaska.
Tangiers revealed on Thursday that the company now owns an 87.6% interest in 87,000 acres in the Alaska North Slope area.

A 20% deposit totaling $520,000 has been paid to the Department of Natural Resources Alaska, with the balance of £3m due in the second quarter of next year.

The operation, nicknamed Project Icewine, will be jointly partnered alongside experienced US partner, Burgundy Xploration.

The company reported that the project will enjoy excellent fiscal terms, as the State of Alaska will offer the firm a cash rebate of up to 85% of exploration expenditure.

Managing director Dave Wall said: "Project Icewine is the first step towards rebuilding the company. Icewine ticks three of our key boxes for a start-up project: funding flexibility, ground floor entry and huge upside potential.

"The board is looking forward to working with our US partners in order to unlock the substantial value we believe resides within the project."

As of 9:45 on Thursday, Tangiers' share price shot up 38.38% to 0.726p per share.

Email this article to a friend

or share it with one of these popular networks:

• DIGG
• FACEBOOK
• STUMBLEUPON
• MIXX
• YAHOO BUZZ
• DELICIOUS
• REDDIT
• NEWSVINE