88 Energy Regulatory News (88E)

14 Sep 2012 08:57

14 September 2012 TANGIERS PETROLEUM LIMITED HALF YEARLY REPORT

Set out below is a summary of Tangiers Petroleum Ltd's ("Tangiers" or the Company") half yearly accounts for the period ended 30 June 2012 as extracted from the Half Year Report, being:

Statement of Comprehensive Income;Statement of Financial Position;Statement of Changes in Equity; andStatement of Cash Flows.

A copy of the full Half Year Report is available on the Company's website at www.tangierspetroleum.com and also from the Australian Securities Exchange website at www.asx.com.au .

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOMEFOR THE HALF YEAR ENDED 30 JUNE 2012 Note 2012 2011 $ $ Income 2(a) 91,615 46,573 Exploration expense written off (6,756) (24,195) Other expenses 2(b) (5,064,044) (609,467) Loss before income tax (4,979,185) (587,089) Income tax expense - -

Net loss attributable to members of the (4,979,185) (587,089) parent

Other comprehensive income for the year - -

Total comprehensive income for the year (4,979,185) (587,089)

Basic and diluted loss per share (5.09) (0.72)(cents) CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS AT 30 JUNE 2012 Note June 2012 December 2011 ASSETS $ $ Current Assets Cash and cash equivalents 4 644,677 1,452,219 Other financial assets 5 984,136 - Other receivables 299,621 376,695 Total Current Assets 1,928,434 1,828,914 Non-Current Assets Plant and equipment 49,777 51,725 Other financial assets 6 203,787 982,656

Exploration and evaluation expenditure 7 7,946,375 3,192,571

Total Non-Current Assets 8,199,939 4,226,952 TOTAL ASSETS 10,128,373 6,055,866 LIABILITIES Current Liabilities Trade and other payables 750,657 1,112,956 Total Current Liabilities 750,657 1,112,956 TOTAL LIABILITIES 750,657 1,112,956 NET ASSETS 9,377,716 4,942,910 EQUITY Contributed equity 8 43,293,795 37,561,795 Reserves 8 6,769,162 3,087,172 Accumulated losses (40,685,241) (35,706,057) TOTAL EQUITY 9,377,716 4,942,910 STATEMENTS OF CHANGES IN EQUITYFOR THE HALF YEAR ENDED 30 JUNE 2012 Issued Option Retained Total premium capital reserve earnings equity $ $ $ $ Balance at 1 January 2012 37,561,795 3,087,172 (35,706,057) 4,942,910 Total income and expense for the period recognised directly in equity Total comprehensive income for the - - (4,979,185) (4,979,185)year, net of tax Shares issued in the half year 6,014,991 6,014,991 Options issued in the half year - 3,681,990 - 3,681,990 Equity raising costs (282,991) - - (282,991) Balance at 30 June 2012 43,293,795 6,769,162 (40,685,242) 9,377,716 Balance at 1 January 2011 35,637,180 1,078,368 (33,141,617) 3,573,931 Total income and expense for the - - - -period recognised directly in equity Total comprehensive income for the - - (587,089) (587,089)year, net of tax Shares issued in the half year 20,000 - - 20,000 Options issued in the half year 819,286 - - 819,286 Equity raising costs (30,264) - - (30,264) Balance at 30 June 2011 36,446,202 1,078,368 (33,728,706) 3,795,864 STATEMENTS OF CASH FLOWSFOR THE HALF YEAR ENDED 30 JUNE 2012 Note 2012 2011 $ $ Cash flows from operating activities Interest received 27,098 46,132 Payments to suppliers and employees (1,642,164) (342,610) Net cash flows used in operating (1,615,066) (1,003,941)activities Cash flows from investing activities Payments for exploration (4,755,165) (1,050,073) Payments for plant and equipment (15,121) (11,380) Payments for bonds and guarantees (203,787) (75,331) Net cash flows used in investing (4,974,073) (1,136,784)activities Cash flows from financing activities Proceeds from issue of securities 5,995,791 839,286 Share issue costs (282,991) (30,264) Net cash flows from financing activities 5,712,800 809,022 Net increase/(decrease) in cash and cash (876,339) (624,240)equivalents Net foreign exchange differences 68,797 204 Cash and cash equivalents at beginning 1,452,219 2,150,565of year

Cash and cash equivalents at end of year 4 644,677 1,526,529

The above consolidated statements should be read in conjunction with theaccompanying notesKRYSTEL KIROUJoint Company SecretaryTangiers Petroleum LimitedLevel 6, 5 Mill StreetPerth WA 6000, AustraliaPh: +61 8 9485 0990 www.tangierspetroleum.comRFC Ambrian Limited (Nominated Adviser)Mr Stuart Laing+61 8 9480 2506Old Park Lane Capital PLC (Joint AIM Broker)Mr Michael ParnesMr Luca Tenuta+ 44 20 7493 8188Shore Capital Stockbrokers Ltd (Joint AIM Broker)Mr Jerry KeenMr Bidhi Bhoma+ 44 20 7408 4090

Mr Ed Portman (Media and Investor Relations - United Kingdom) Tavistock Communications +44 20 7920 3150