Appointment of Managing Director

15 April 2014 TANGIERS PETROLEUM LIMITED Appointment of Managing Director Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) (Tangiers or the Company) ispleased to announce the appointment of Mr David Wall as Managing Director withimmediate effect. As a leading oil and gas equity analyst for the past six and a half years, MrWall brings extensive experience with junior oil and gas companies, with aparticular focus on Africa. His skillset spans asset evaluation across manyfiscal regimes / play types as well as corporate advisory / M&A and equitycapital markets, having led more than $300m in capital raisings. Prior to his career as an analyst, Mr Wall managed a small team at WoodsidePetroleum Ltd that reported to the Executive Committee. This team wasresponsible for vetting reports from all departments within the business, priorto Board submission, including exploration, development, operations, commercialand M&A. The team was also responsible for generating the annual budget andproviding significant input into the Five Year Plan and the Company StrategicPlan. By virtue of these experiences, Mr Wall brings strong commercial andstrategic skills as well as generalist knowledge across all levels of the oiland gas industry. This is complemented by financial markets experience focussedon junior exploration companies, with specialist African knowledge. Mr Wall holds a Bachelor of Commerce from the University of Western Australia,majoring in Management and Finance. The appointment of David followed the screening of multiple applicants acrossthe industry by an independent specialist recruitment agency. In accordance with Listing Rule 3.16.4, the key terms of Mr Wall's ExecutiveServices Agreement are attached as Appendix 1 below. Further details on the new Managing Director, including information requiredunder the AIM Rules for Companies, is set out in the Appendix 2 below. The Company expects to be in receipt of information that will allow it toprovide an update on operations in the near term. Appendix 1 Mr Walls' remuneration package is designed to ensure an alignment of hisfinancial rewards with the creation of value for Tangiers' shareholders. Assuch, it contains the appropriate combination of fixed remuneration andincentives. Total Fixed A base salary of $300,000 per annum exclusive of statutoryRemuneration superannuation. Incentives Annual performance bonus of up to 50% of base salary subject to meeting performance criteria set by the Board. Subject to shareholder approval under the ASX Listing Rules or Corporations Act (where required), Mr Wall will be granted 4,500,000 shares under a share/loan plan subject to the following vesting criteria: • First 1,500,000 o No employment length requirement o Vests on completing at least one transaction (including a farm-in or farm-out or other similar dealing) and share price improvement of at least 50% over the following 12 months (using the 10 day VWAP prior to the transaction as the base); • Second 1,500,000 o Employment for at least 6 months o Vests on completing at least one transaction (including a farm-in or farm-out or other similar dealing) and share price improvement of at least 75% over the following 12 months (using the 10 day VWAP prior to the transaction as the base); • Third 1,500,000 o Employment for at least 12 months o No vesting criteria All shares vest in the event there is a Change of Control. Other Benefits If a Change of Control occurs and, at any time during the 12 month period following such Change of Control Mr Wall resigns from the employment for Good Reason, the Company may pay 6 month's base salary. Good Reason includes, but is not limited to, a material adverse change in Mr Wall's status or position as executive of the Company, a material reduction in his annual base salary, a material failure by the Company to continue any benefit program to which Mr Wall is entitled. Notice Period Mr Wall's contract commences on 14 April 2014. The Company may terminate Mr Wall's employment at any time giving 6 months' written notice. Mr Wall may end his employment at any time by giving three months' written notice or resigning for Good Reason. Termination Benefits Termination benefits to the extent permitted under the ASX Listing Rules and Corporations Act are included in the contract in the event of certain termination events. Appendix 2 Mr David James Wall (aged 39) List of directorships and partnerships held in the past 5 years as follows: Current Directorships/Partnerships Ceased Directorships/Partnerships in the past 5 yearsWoltarr Enterprises Pty Ltd None Mr Wall currently holds no interests in the securities of Tangiers. There are no other matters in relation to the new Managing Director thatrequire disclosure under the AIM Rules pursuant to Rule 17 and Schedule Two. END MICHAEL EVANSChairman 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