88 Energy Regulatory News (88E)

23 September 2014 TANGIERS PETROLEUM LIMITED Half Year Report for the Period Ending 30 June 2014 Set out below is a summary of Tangiers Petroleum Limited's ("Tangiers" or theCompany") half yearly report for the period ended 30 June 2014 as extractedfrom the Half Year Report, being: Statement of Comprehensive Income; Statement of Financial Position; Statement of Changes in Equity; and Statement of Cash Flows. A copy of the full Half Year Report, including notes as referenced below, isavailable on the Company's website at www.tangierspetroleum.com and also fromthe Australian Securities Exchange website at www.asx.com.au (ASX code: TPT). CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE HALF YEAR ENDED 30 JUNE 2014 Note 2014 2013 A$ A$ Income 3(a) 431,800 431,800 Administration expenses 3(b) (992,204) (992,204) Occupancy expenses (308,905) (308,905) Employment benefit expenses 3(c) (510,022) (510,022) Share based payment expense 9 (450,171) (450,171) Depreciation and amortisation expense (12,060) (12,060) Exploration expenditure expensed as (10,816) (10,816)incurred Exploration expenses written off - - Interest expense (703) (703) Loss before income tax (2,137,811) (2,137,811) Income tax expense - - Net loss attributable to members of the (2,137,811) (2,137,811)parent Other comprehensive income for the year - - Total comprehensive income for the year (2,137,811) (2,137,811) Basic and diluted loss per share (1.64) (1.64)(cents) CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2014 Note June 2014 June 2013 A$ A$ ASSETS Current Assets Cash and cash equivalents 5 1,741,636 1,741,636 Other receivables 259,159 259,159 Total Current Assets 2,000,795 2,000,795 Non-Current Assets Plant and equipment 60,035 60,035 Other financial assets 6 3,459,898 3,459,898 Exploration and evaluation expenditure 7 9,502,039 9,502,039 Total Non-Current Assets 13,021,972 13,021,972 TOTAL ASSETS 15,022,767 15,022,767 LIABILITIES Current Liabilities Trade and other payables 521,956 521,956 Total Current Liabilities 521,956 521,956 TOTAL LIABILITIES 521,956 521,956 NET ASSETS 14,500,811 14,500,811 EQUITY Contributed equity 8 49,198,225 49,198,225 Share based payment reserves 10,546,273 10,546,273 Accumulated losses (45,243,687) (45,243,687) TOTAL EQUITY 14,500,811 14,500,811 STATEMENTS OF CHANGES IN EQUITY FOR THE HALF YEAR ENDED 30 JUNE 2014 Contributed Restated Restated Total equity Share based Accumulated equity A$ payment losses reserve A$ A$ A$ Balance at 1 January 2013 49,196,225 10,096,102 (43,105,876) 16,186,451 Loss for the period - - (2,137,811) (2,137,811) Other comprehensive income - - - - Total comprehensive loss for the - - (2,137,811) (2,137,811)period, net of tax Shares issued during the period 2,000 - - 2,000 Share based payments - 450,171 - 450,171 Balance at 30 June 2013 49,198,225 10,546,273 (45,243,687) 14,500,811 Balance at 1 January 2013 49,196,225 10,096,102 (43,105,876) 16,186,451 Loss for the period - - (2,137,811) (2,137,811) Other comprehensive income - - - - Total comprehensive loss for the - - (2,137,811) (2,137,811)period, net of tax Shares issued during the period 2,000 - - 2,000 Share based payments - 450,171 - 450,171 Balance at 30 June 2013 49,198,225 10,546,273 (45,243,687) 14,500,811 STATEMENTS OF CASH FLOWS FOR THE HALF YEAR ENDED 30 JUNE 2014 Note 2014 2013 A$ A$ Cash flows from operating activities Interest received 38,376 38,376 Payments to suppliers and employees (1,617,981) (1,617,981) Net cash flows used in operating (1,579,605) (1,579,605)activities Cash flows from investing activities Payments for exploration and evaluation (369,964) (369,964)activities Payments for plant and equipment (28,385) (28,385) Payments for bonds and guarantees - - Purchase of available-for-sale (609,402) (609,402)investments Proceeds from available-for-sale 150,369 150,369investments Net cash flows used in investing (857,382) (857,382)activities Cash flows from financing activities Proceeds from issue of securities 2,000 2,000 Share issue costs - - Net cash flows from financing activities 2,000 2,000 Net decrease in cash and cash (2,434,987) (2,434,987)equivalents Net foreign exchange differences 1,713 1,713 Cash and cash equivalents at beginning 4,174,910 4,174,910of year Cash and cash equivalents at end of year 5 1,741,636 1,741,636 Sarah SmithJoint Company SecretaryTangiers Petroleum LimitedLevel 2, 5 Ord StreetWest Perth WA 6005, AustraliaPh: + 61 8 9485 0990www.tangierspetroleum.com ContactsRFC Ambrian LimitedAs Nominated AdviserMr Oliver Morse / Ms Trinity McIntyre+61 8 9480 2500 As Corporate BrokerMr Charlie Cryer+44 20 3440 6800