Drilling Rig Novation Agreement Executed

24 March 2014 TANGIERS PETROLEUM LIMITED Drilling Rig Novation Agreement Executed Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) (Tangiers) advise that thesite survey has been completed at the location of the TAO-1 well, offshoreMorocco, and is compatible for the use of a jack-up rig. A Novation Agreementhas been entered into by Galp Energia on behalf of the joint venture partnersto secure access to the Ralph Coffman Drilling Unit to undertake explorationdrilling in the Tarfaya Block. The exploration well TAO-1 is scheduled to spud2Q 2014. Tangiers advises that it is well advanced in the selection process to appointnew non-executive directors to the board. The Company's first and foremostpriority is to finalise the appointment of the directors and resume trading assoon as possible on both the ASX and the AIM markets. Tangiers stated on 13 January 2014 that the Petroleum Exploration Permits NT/P81 and WA-442-P were likely to be cancelled by the Western Australian OffshorePetroleum Joint Authority and the Northern Territory Petroleum Joint Authority. The National Offshore Petroleum Titles Administrator (NOPTA) has formallyadvised Tangiers that the respective Joint Authorities have cancelled the twoexploration permits. 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 Stuart Laing+61 8 9480 2506 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