88 Energy Regulatory News (88E)

18 February 2015 TANGIERS PETROLEUM LIMITED Placement to Raise A$7 million Tangiers Petroleum Limited ("Tangiers" or the "Company", ASX:TPT, AIM TPET) ispleased to advise that further to its announcement on 16 February 2015 theCompany has successfully completed the bookbuild for a placement to domesticand international institutional and sophisticated investors to raiseapproximately A$7 million ("Placement"). The Placement was stronglyoversubscribed. The Placement of 691,319,339 shares was undertaken at A$0.01 per share.Placement participants will receive one free attaching option for every twoPlacement shares, with the options exercisable at A$0.02 each and expiring 1March 2018. Tangiers will apply to the ASX for quotation of the Placementoptions. Full details of the Placement are set out in the prospectus that waslodged by Tangiers with the ASX on Monday 16 February 2015. Funds raised pursuant to the Placement will be utilised by Tangiers forcompletion of the acquisition of Project Icewine, progressing exploration atProject Icewine, and for working capital. Three directors of Tangiers, David Wall, Michael Evans and Stephen Staleyparticipated in the Placement (with shareholder approval received for this atthe Company's General Meeting on 12 February 2015) on exactly the same termsas all other investors. The changes in their interests in Tangiers' securitiesas a result of this is as below: Director Previous New securities Current interest interest issued Shares Options Shares Options Shares OptionsDavid Wall 9,916,666 - 4,250,000 1,416,667 14,166,666 1,416,667Michael Evans 5,166,667 1,000,000 4,250,000 1,416,667 9,416,667 2,416,667Stephen Staley 4,166,667 2,000,000 1,650,000 550,000 5,816,667 2,550,000 Further details of the above current interests (including direct and indirectholdings and full option details) will be released in subsequent ASX Appendix3Y announcements shortly. Commenting on the success of the Placement, Tangiers Managing Director DaveWall stated, "The strong support for the Placement speaks volumes to thequality of Project Icewine, and is a recognition of the outstanding upsidepotential that the project offers for investors. Project Icewine benefits froma unique combination of conventional and unconventional potential, along withgenerous rebates offered by the State of Alaska. We look forward to completingthe acquisition of the Project with funds raised from this Placement as wellas progressing exploration." "Planning and permitting for the drilling of our first well and acquisition of3D seismic is already underway and we will be providing updates to the marketon progress in the very near term. In addition to increasing operationalactivity over the coming months, the Company continues to progress strongearly interest in Project Icewine from a number of potential funding partnersand we hope to be able to provide news on that front later this year." "The Board of Tangiers welcomes our new shareholders, and we thank ourexisting shareholders for their ongoing support." Hartleys Limited acted as sole Lead Broker to the Offer. DJ Carmichael Pty Ltdand BBY Limited acted as Co-Managers to the Offer. Settlement of the Placement is scheduled to occur on 27 February 2015 in onetranche, with the shares and options issued pursuant to shareholder approvalthat was received by Tangiers on 12 February 2015, and pursuant to Tangiers'ASX Listing Rule 7.1 capacity. The Company has applied for the 691,319,339 newshares to be admitted to trading on both the ASX and AIM markets. Trading inthe news shares on AIM is expected to commence on or around 2 March 2015. Please refer to the Company's separate announcement released today titled"Placement" for details of the Company's securities on issue following theabove Placement. Yours faithfully Dave Wall Managing Director Tangiers Petroleum Ltd About Tangiers: Tangiers recently acquired an initial 87.5% workinginterest and operatorship in 99,360 acres onshore the prolific North Slope ofAlaska ("Project Icewine"). The North Slope is the host for the 15 billionbarrel Prudhoe Bay oilfield complex, the largest in North America. TheCompany, through its Joint Venture partner Burgundy Xploration, has identifiedtwo highly prospective play types that are likely to exist on the ProjectIcewine acreage - one conventional and one unconventional. In addition to theinterpreted high prospectivity, the project is strategically located on ayear-round operational access road and only 35 miles south of Pump Station 1where Prudhoe Bay feeds into the TransAlaska Pipeline System. The Companyplans to progress drilling and seismic in the near term to take advantage ofthe globally unique fiscal system in Alaska, which allows for up to 85% ofCY2015 exploration expenditure to be rebated in cash. Figure 1: Project Icewine Location (please refer to the pdf version of thisannouncement available from the Company's website) Media and Investor Relations Australia Tangiers Petroleum Limited Level 2, 5 Ord StreetWest Perth WA 6005, AustraliaPh: + 61 8 9485 0990www.tangierspetroleum.com Hartleys LtdAs Corporate AdvisorMr Dale Bryan+61 8 9268 2829 United Kingdom RFC Ambrian Limited As Nominated AdviserMr Oliver Morse / Ms Trinity McIntyre+61 8 9480 2500 As Corporate BrokerMr Charlie Cryer+44 20 3440 6800