88 Energy Regulatory News (88E)

26 June 2014 TANGIERS PETROLEUM LIMITED Drilling Commences at TAO-1 Well Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) ("Tangiers" or the "Company")is pleased to advise that the Ralph Coffman jack-up rig commenced drillingoperations at the TAO-1 exploration well, offshore Morocco on the 26th June2014. The TAO-1 well is located within a proven petroleum system, adjacent to the CapJuby heavy oil discovery and has been designed to test up to three stackedobjectives, Assaka (Upper Jurassic), Trident (Middle Jurassic) and TMA (LowerJurassic, contingent upon success at Trident/Assaka). The secondary objective, Assaka, and the main objective at Trident arescheduled to be intersected within approximately 2 months. Contingent upon theresults at Assaka and Trident, the Joint Venture will then make a decision todeepen to the TMA objective. The well plan does not include flow testing. The Company expects to make additional updates as appropriate during the courseof the drilling. Tangiers has a 25 per cent participating interest in the Tarfaya OffshoreBlock, which is being operated by Galp Energia with a 50 per cent interest. Theremaining 25 percent interest is held by ONHYM (Morocco's National Office ofHydrocarbons and Mines), which is carried through the exploration phase. Tangiers' Managing Director Dave Wall said "The spud of the TAO-1 represents asignificant milestone for Tangiers and is the culmination of a process thatbegan with licence award in 2009. The Company would like to thank shareholdersfor their continued support and appreciates that many have been involved sincethat time. We believe that we have one of the best exploration prospects to bedrilled by a junior explorer in recent times and look forward to sharing theresults of the drilling program in the near future." About Tangiers Petroleum: Tangiers Petroleum is an Australian-based oilexplorer with assets offshore Morocco in shallow water. The Company isscheduled to spud the high impact TAO-1 exploration well in mid-late June,targeting best estimate net resource potential of 190mmbbl* of oil (gross758mmbbl, TPT 25%). Cautionary Statement: The estimated quantities of petroleum that may bepotentially recovered by the application of a future development project relateto undiscovered accumulations. These estimates have both an associated risk ofdiscovery and a risk of development. Further exploration, appraisal andevaluation is required to determine the existence of a significant quantity ofpotentially movable hydrocarbons. * Independently certified by NSAI as at 1 May 2011 - see NSAI Assessment ofProspective Oil Resources, market announcement dated 27 May 2011. The information in this announcement relating to estimates of prospectiveresources is based on, and fairly represents, information and supportingdocumentation prepared by, or under the supervision of, Mr Brent Villemarette.Mr Villemarette is a full time employee of the Company with over 30 yearsexperience and is a member of the Society of Petroleum Engineers. MrVillemarette consents to the release of the information in this announcementrelating to estimates of prospective resources in the form and context in whichit appears. The estimates of prospective resources referred to in thisannouncement are reported as at 1 May 2011 and were prepared using acombination of the probabilistic and deterministic methods. DAVE WALLMANAGING DIRECTOR Tangiers Petroleum LimitedLevel 2, 5 Ord StreetWest Perth WA 6005, AustraliaPh: + 61 8 9485 0990www.tangierspetroleum.com Contacts RFC Ambrian LimitedAs Nominated AdviserMr Oliver Morse / Ms Trinity McIntyre+61 8 9480 2500 As Corporate BrokerMr Charlie Cryer+44 20 3440 6800 Mr Ed Portman (Media and Investor Relations - United Kingdom)Tavistock Communications+44 20 7920 3150