88 Energy Regulatory News (88E)

13 May 2014 TANGIERS PETROLEUM LIMITED Tangiers places $5M of shares for upcoming Moroccan well Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) ("Tangiers" or the "Company")is pleased to advise that it resolved to place A$5 million worth of shares,before costs, through the private placement of 31.25 million shares tospecified wholesale, institutional and sophisticated investors at A$0.16 pershare ("Placement") in Australia, the United Kingdom and Hong Kong. The Placement will be completed in two tranches consisting of: • approximately 23.6 million shares issued in the first tranche pursuant to the Company's remaining 15% capacity under ASX Listing Rule 7.1; and • a balance of approximately 7.5 million shares issued in the second tranche subject to shareholder approval at the Annual General Meeting of shareholders scheduled to be held in early June. The proceeds of the raising will be applied to the 33% share of any costs inexcess of the US$33m free carry provided by the Tarfaya Farm-Out Agreement forthe drilling of the TAO-1 well, due to be spudded next month and for generalworking capital expenditure. The Company has agreed with Galp Energia Tarfaya B.V. to set up a joint accountwhich will hold the US$7.5 million past costs due to Tangiers under theFarm-Out Agreement. These funds will also be used to contribute to any costs inexcess of the US$33m free carry limit. DJ Carmichael Pty Ltd, Foster Stockbroking Pty Ltd and BBY Limited are actingas Joint Lead Managers of the Placement. Application will be made for the new shares to be admitted to trading on boththe ASX and the AIM market. Tangiers Managing Director David Wall said the placement would ensure theCompany was well-funded as it sought to take full advantage of its stronggrowth opportunities. "The TAO-1 well is a potential company-making opportunity," Mr Wall said. "Thisis reflected in the encouraging support for the placement among newinstitutional and sophisticated investors." 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 Mr Ed Portman (Media and Investor Relations - United Kingdom)Tavistock Communications+44 20 7920 3150