Revenue was flat in the year ended December 31st at AIM-listed oil and gas exploration company Tangiers Petroleum in a year that saw the company complete a 'crisis turnaround'.
In its financial results for the year, the company, which has a portfolio of oil and gas assets located in Morocco and Australia, recorded revenue of $94,304, the same as the restated revenue value for 2011.
Administrative expenses for the year totalled $1.8m compared to $789,724 a year earlier and the impairment of exploration expense was valued at $30,528 compared to $340,889 the year before.
The loss before income tax was worth $4.77m compared to a loss of $5.28m a year earlier.
Chairman: 'Crisis turn-around' completed; company well-placed to pursue growthThe Chairman of the company said: "With the completion of the company's 'crisis turn-around' and appointment of a new management team, [the] company is now ideally placed to pursue the next leg of its growth strategy."
"This desired growth in the assets of [the] company will be strongly grounded on the relevant professional and hands-on experience of its board and management team, targeting shallow-water and onshore petroleum assets in Africa for the immediate future," the Chairman added.
In September 2012, a new board was appointed and the company said that "significant efforts" were put to the immediate raising of capital crucial for the continued existence of the company and to the negotiation of farm-out arrangements to cover permit obligations in Morocco and Australia.
On the closure of farm-out deals on both the Moroccan and Australian acreage, the Chairman said the company would have cash of $14m as well as being fully funded for all its exploration commitments up to end 2014.
Moroccan farm-outTangiers Petroleum said that the Moroccan farm- out - which requires the approval of the Moroccan government - would bring Portuguese exploration company Galp Energia in as a partner.
On completion of the Galp farm-out, Tangiers Petroleum said it would retain a 25%
interest in the Tarfaya Block in addition to a cash reimbursement totalling $10.5m comprising of a refund of past costs and bank guarantee.
Australia farm-outIn Australia, the company said that a heads of agreement was signed in November 2012 with CWH Resources, an ASX-listed company with headquarters in Chongqing in south-west China Limited, and a legally-binding farm-out agreement was close to signature.
It said that CWH would fund the first $35m of exploration expenditure on Tangier Petroleum's Bonaparte Basin blocks, consisting of the WA-442-P and NT/P81 permits.
On completion of the CWH farmout, Tangiers Petroleum will retain a 27% interest in the Bonaparte Basin blocks.
Unconventional gas: Not on the cards for forseeable futureThe board said it had a preference for oil exploration and production opportunities but pricing and infrastructure remained parameters that would be considered for an involvement in an appropriate conventional gas opportunity that could bring value to the company.
The company said: "Opportunities in new permit acquisitions, farm-in agreements, mergers and corporate acquisitions will be considered recognising your company's financial capabilities and its logistical limitations."
Tangiers' Petroleum's share price was unchanged at 18.12p by Friday afternoon.