Issue of Equity

22 October 2014 TANGIERS PETROLEUM LIMITED CAPITAL RAISING Tangiers Petroleum Limited (ASX:TPT; AIM:TPET, "Tangiers" or the "Company")announces that it has issued 200,000,000 fully paid ordinary shares as a resultof the Capital Raising announced 19 September 2014 and approved by Shareholdersat the General Meeting held 20 October 2014. In addition, the Company has issued 12,000,000 Unlisted Options at an exerciseprice of A$0.01 per option on or before 22 October 2017, to brokers andadvisors for capital raising and corporate services provided. 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 27 October 2014. Following the above movements, the Company has the following securities onissue: Number Class 452,026,723 Fully paid ordinary shares 6,000,000 Unlisted options exercisable at $0.60 on or before 16 December 2014 1,000,000 Unlisted options exercisable at $0.22 on or before 16 December 2014 500,000 Unlisted options exercisable at $0.50 on or before 2 April 2015 3,274,124 Unlisted options exercisable at $0.60 on or before 2 April 2015 3,500,000 Unlisted options exercisable at $0.70 on or before 2 April 2015 300,000 Unlisted options exercisable at $0.50 on or before 10 April 2016 213,733 Unlisted options exercisable at GBP£0.256 (A$0.393) on or before 19 November 2015 487,230 Unlisted options exercisable at GBP£0.242 (A$0.383) on or before 19 November 2015 2,000,000 Unlisted options exercisable at $0.28 on or before 26 November 2015 3,000,000 Unlisted options exercisable at $0.28 on or before 26 November 2015 2,500,000 Unlisted options exercisable at $0.45 on or before 31 March 2016 2,500,000 Unlisted options exercisable at $0.45 on or before 31 October 2016 (voluntary escrow for 12 months) 1,000,000 Unlisted options exercisable at $0.42 on or before 12 June 2017 (vesting conditions apply) 2,000,000 Unlisted options exercisable at $0.28 on or before 12 June 2017 1,000,000 Unlisted options exercisable at $0.30 on or before 22 April 2016 250,000 Unlisted options exercisable at $0.16 on or before 12 June 2017 12,000,000 Unlisted options exercisable at $0.01 on or before 22 October 2017 Sarah SmithJoint Company SecretaryTangiers Petroleum LimitedLevel 2, 5 Ord StreetWest Perth WA 6005, AustraliaPh: + 61 8 9485 0990www.tangierspetroleum.com ContactsRFC Ambrian LimitedAs Nominated AdviserMr Oliver Morse / Ms Trinity McIntyre+61 8 9480 2500As Corporate BrokerMr Charlie Cryer+44 20 3440 6800Mr Ed Portman (Media and Investor Relations - United Kingdom)Tavistock Communications+44 20 7920 3150