Issue of Equity

28 October 2013 TANGIERS PETROLEUM LIMITED ISSUE OF EQUITY Tangiers Petroleum Limited (the Company) announces that it has issued 3,406,684fully paid ordinary shares as a result of the exercise of options in theCompany at an exercise price of A$0.16. The Company has applied for the new shares to be admitted to trading on boththe ASX and AIM markets. Trading in the new shares on AIM is expected tocommence on or around 1 November 2013. Following the above issue, the Company has the following securities on issue: Number Class 142,096,618 Fully paid ordinary shares 32,482,603 ASX-listed Options (TPTOA) exercisable at A$0.16 on or before 31 October 2013 1,000,000 Unlisted options exercisable at A$0.22 on or before 19 July 2014 6,000,000 Unlisted options exercisable at A$0.60 on or before 16 December 2014 1,000,000 Unlisted options exercisable at A$0.22 on or before 16 December 2014 500,000 Unlisted options exercisable at A$0.50 on or before 2 April 2015 3,274,124 Unlisted options exercisable at A$0.60 on or before 2 April 2015 3,500,000 Unlisted options exercisable at A$0.70 on or before 2 April 2015 300,000 Unlisted options exercisable at A$0.70 on or before 10 April 2016 213,733 Unlisted options exercisable at GBP£0.256 on or before 19 November 2015 487,230 Unlisted options exercisable at GBP£0.242 on or before 19 November 2015 2,000,000 Unlisted options exercisable at A0.$28 on or before 26 November 2015 (voluntary escrow for 12 months to 26 November 2013) 1,500,000 Unlisted options exercisable at A0.$28 on or before 26 November 2015 (vesting conditions apply) 3,000,000 Unlisted options exercisable at A0.$28 on or before 26 November 2015 2,500,000 Unlisted options exercisable at A0.$45 on or before 31 March 2016 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 Shore Capital Stockbrokers Ltd (Joint AIM Broker)Mr Jerry KeenMr Bidhi Bhoma+ 44 20 7408 4090 Mr Ed Portman (Media and Investor Relations - United Kingdom)Tavistock Communications+44 20 7920 3150