Financial Report Update

31 March 2014 TANGIERS PETROLEUM LIMITED Financial Report Update Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) (Tangiers) advises that it hasbeen granted relief by the Australian Securities and Investments Commission("ASIC") from lodging its financial report for the year ended 31 December 2013("Financial Report") in accordance with s319(1) of the Corporations Act 2001and sending the Annual Report to Members in accordance with s315(1) of theCorporations Act 2001. ASIC has granted this relief until 30 April 2014 and 31May 2014 respectively, therefore giving Tangiers an additional month tofinalise the Financial Report and Annual Report. Relief was sought as Tangiers is unable to achieve a Board quorum at present tobe able to issue or sign the Financial Report. In addition, ASIC has granted relief to Tangiers from holding its AnnualGeneral Meeting ("AGM") in accordance with s250N of the Corporations Act 2001,giving Tangiers until 30 June 2014 to hold its AGM for the reason stated aboveand to accommodate the extensions of time referred to above. Tangiers advises that it is well advanced in the selection process to appointnew directors to the board. The Company's first and foremost priority is tofinalise the appointment of the directors and resume trading as soon aspossible on both the ASX and the AIM markets. 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+61 8 9480 2500 Peel Hunt LLP (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