88 Energy Regulatory News (88E)

9 April 2014 TANGIERS PETROLEUM LIMITED Full Year Statutory Accounts Set out below is a summary of Tangiers Petroleum Limited's ("Tangiers" or "theCompany") financial accounts for the year ended 31 December 2013 as extractedfrom the full year statutory accounts, being: Statement of Comprehensive Income;Statement of Financial Position;Statement of Changes in Equity; andStatement of Cash Flows. The Company would like to advise that a copy of the Company's full yearstatutory accounts (including notes) for the year ended 31 December 2013 hasbeen lodged on the ASX and are also available on the Company's website atwww.tangierspetroleum.com.au CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2013 Note 2013 2012 $ $ Income 3(a) 505,937 46,827 Administrative expenses 3(b) (2,549,059) (1,826,625) Occupancy expenses (616,565) (369,035) Employee benefit expenses 3(c) (1,022,062) (827,774) Share-based payment expense 16 (604,843) (1,691,289) Depreciation and amortisation expense (24,933) (35,767) Exploration expenditure expensed as (172,818) (35,765)incurred Exploration expenditure written off (2,112,508) (30,528) Impairment of available-for-sale (230,782) -investments Loss on sale of available-for-sale (63,120) -investments Interest expense (827) (1,840) Loss before income tax (6,891,580) (4,771,796) Income tax expense 4 - - Net loss attributable to members of the (6,891,580) (4,771,796)parent Other comprehensive income for the year Other comprehensive income to berecycled to profit or loss insubsequent periods: Change in fair value of 60,061 -available-for-sale investments (net oftax) Total comprehensive loss for the year (6,831,519) (4,771,796) Basic and diluted loss per share 5 (4.99) (4.50)(cents) CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2013 Note 2013 2012 $ $ ASSETS Current Assets Cash and cash equivalents 6 6,089,313 4,174,910 Other receivables 7 121,212 307,949 Total Current Assets 6,210,525 4,482,859 Non-Current Assets Plant and equipment 8 49,243 43,710 Other financial assets 9 3,566,500 2,939,949 Exploration and evaluation expenditure 10 7,742,856 9,165,356 Total Non-Current Assets 11,358,599 12,149,015 TOTAL ASSETS 17,569,124 16,631,874 LIABILITIES Current Liabilities Trade and other payables 11 915,761 445,423 Total Current Liabilities 915,761 445,423 TOTAL LIABILITIES 915,761 445,423 NET ASSETS 16,653,363 16,186,451 EQUITY Contributed equity 12(a) 55,889,563 49,196,225 Reserves 12(b) 10,761,256 10,096,102 Accumulated losses 12(c) (49,997,456) (43,105,876) TOTAL EQUITY 16,653,363 16,186,451 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2013 Issued Share Available-for-sale Accumulated Total based investments losses capital payment reserve equity $ $ Reserve $ $ $ Balance at 1 January 37,561,795 5,804,445 - (38,423,330) 4,942,9102012 Loss for the year - - - (4,771,796) (4,771,796) Total comprehensive loss - - - (4,771,796) (4,771,796)for the year, net of tax Shares issued during the 15,343,055 - - - 15,343,055year Share-based payments - 4,291,657 - - 4,291,657 Equity raising costs (3,619,375) - - - (3,619,375) Shares cancelled during (89,250) - - 89,250 -the year Balance at 31 December 49,196,225 10,096,102 - (43,105,876) 16,186,4512012 Balance at 1 January 49,196,225 10,096,102 - (43,105,876) 16,186,4512013 Loss for the year - - - (6,891,580) (6,891,580) Other comprehensiveincome - - 60,061 - - Total comprehensive loss - - 60,061 (6,891,580) (6,831,519)for the year, net of tax Shares issued during the 7,063,943 - - - 7,063,943year Share-based payments - 605,093 - - 605,093 Equity raising costs (370,605) - - - (370,605) Balance at 31 December 55,889,563 10,701,195 60,061 (49,997,456) 16,653,3632013 CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2013 Note 2013 2012 $ $ Cash flows from operating activities Interest received 69,331 52,365 Payments to suppliers and employees (3,686,428) (2,470,246) Net cash flows used in operating 6 (3,617,097) (2,417,881)activities Cash flows from investing activities Payments for exploration and evaluation (707,045) (7,185,116)activities Payments for plant and equipment (30,467) (30,342) Payments for bonds and bank guarantees - (1,880,000) Purchase of available-for-sale (609,402) -investments Proceeds from sale of available-for-sale 221,495 -investments Net cash flows used in investing (1,125,419) (9,095,458)activities Cash flows from financing activities Proceeds from issue of shares 7,063,943 15,343,055 Share issue costs (370,605) (1,019,007) Net cash flows from financing activities 6,693,338 14,324,048 Net increase/(decrease) in cash and cash 1,950,822 2,810,709equivalents Effects of exchange rate changes on cash (36,419) (88,018)and cashequivalents Cash and cash equivalents at beginning 4,174,910 1,452,219of year Cash and cash equivalents at end of year 6 6,089,313 4,174,910 The above consolidated statements should be read in conjunction with theaccompanying notes. END ROBERT DALTONJoint Company Secretary Tangiers Petroleum LimitedLevel 2, 5 Ord StreetWest Perth WA 6005, AustraliaPh: + 61 8 9485 0990www.tangierspetroleum.com Contacts RFC Ambrian Limited (Nominated Adviser)Mr Oliver Morse / Ms Trinity McIntyre+61 8 9480 2500 Peel Hunt LLP (Joint 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