Tangiers Petroleum Limited and Jacka Resources Limited have entered into a Bid Implementation Agreement (BIA) in respect of an off-market takeover offer to be made by Tangiers for all of the issued ordinary shares in Jacka (Offer).

Combining the two companies will deliver a strong portfolio of highly prospective exploration, appraisal and development assets in Africa, including two high impact wells planned for 2014: the TAO-1 exploration well in the Tarfaya block, Morocco and the drilling and testing of Hammamet West-3 sidetrack 2 in Tunisia. The combined entity will also have exposure to a promising near-term offshore Nigerian development project in Aje (OML 113) where the joint venture plans to complete the field development plan by early 2014. Aje is adjacent to the recent Ogo discovery, where the operator, Afren plc, recently announced upgraded recoverable resources of 774 million barrels of oil equivalent and identified a new, deeper hydrocarbon-bearing zone.

Tags: Jacka Resources Limited, Tangiers Petroleum Limited