88 Energy Regulatory News (88E)

13 January 2014 TANGIERS PETROLEUM LIMITED Cancellation of Tangiers Australian permits Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) (Tangiers) advises that thegovernment have formally indicated that no further extensions of time will begranted for its two remaining Australian exploration permits. Consequently, it is anticipated that exploration permits, WA-442-P and NT/P81will be cancelled by the National Offshore Petroleum Titles Administrator(NOPTA) in the near future. This follows Tangier's decision late last year towithdraw from permit NT/P83 which led to the cancellation of that permit inearly December. The likely cancellation of all its Australian permits will allow Tangiers tofocus solely on its core growth strategy of exploration and project developmentin Africa. Since initiating its most recent round of farm-in discussions regarding theAustralian permits, Tangiers has succeeded in securing official approval fromthe Ministries of Energy and Finance in Morocco for the assignment of a 50 percent interest in the Tarfaya Offshore Block from Tangiers to Galp Energia(Galp). Tangiers will maintain a 25 per cent interest in the Tarfaya OffshoreBlock. The signed Joint Order from the Ministries means Galp has now assumedoperatorship of the Tarfaya Offshore Block, which comprises eight explorationpermits. Pursuant to the farm-out agreement, Galp is obliged to expend US$40.5million, which will include up to US$7.5 million in back costs reimbursable toTangiers and the cost of an exploration well (TAO-1), limited by a cap, to bedrilled within the Tarfaya Offshore Block. The documentation for this assignment is currently being finalised and thereimbursement of the back costs is expected to be paid shortly. On 5 December, Tangiers agreed a recommended takeover bid for fellow Africanpetroleum explorer, Jacka Resources Ltd (ASX: JKA). The Jacka takeover is aimed at making Tangiers an African focused petroleumcompany with significant scale to pursue what will be a portfolio ofoutstanding projects. Over the next year, this is expected to include drillingof a high impact exploration well in Morocco; an appraisal well in Tunisia; andthe initial development operations in Nigeria, as well as further explorationin Somaliland and Tanzania. Tangiers expects to lodge its Bidder's Statement with ASIC (and on the ASXmarket announcements platform) by 20 January 2014. Tangiers Executive Chairman Eve Howell said that "Tangiers is now fully focusedon its African opportunities. Our portfolio will be strengthened by thesuccessful completion of the Jacka takeover, ensuring we have the scale, theprospects and the people to maximise our chances of success and delivershareholder value. The progress we made last year means that 2014 will see the start of a newchapter for Tangiers." EVE HOWELLExecutive Chairman Tangiers Petroleum LimitedLevel 2, 5 Ord StreetWest Perth WA 6005, AustraliaPh: + 61 8 9485 0990www.tangierspetroleum.com Contacts RFC Ambrian Limited (Nominated Adviser)Mr Stuart Laing+61 8 9480 2506 Peel Hunt LLP (AIM Broker)Mr Richard CrichtonMr Andy Crossley+ 44 20 7418 8900 Mr Ed Portman (Media and Investor Relations - United Kingdom)Tavistock Communications+44 20 7920 3150