Issue of Equity

18 February 2015 TANGIERS PETROLEUM LIMITED PLACEMENT Tangiers Petroleum Limited (ASX:TPT; AIM:TPET, "Tangiers" or the "Company")announces that it will issue 691,319,339 fully paid ordinary shares as a resultof the Capital Raising approved by Shareholders at the General Meeting held 12February 2015. In addition, the Company will issue 345,659,669 free attaching Listed Optionsat an exercise price of A$0.02 per option expiring 3 years from date of issue. In addition, the Company will issue 30,000,000 Listed Options at an exerciseprice of A$0.02 per option expiring 3 years from date of issue to EnergyCapital Partners for facilitation of the acquisition of the Icewine Project. The Company will apply for the new shares and options to be admitted to tradingon both the ASX and AIM markets. Trading in the new shares on AIM is expectedto commence on or around 2 March 2015. Following the above movements, the Company will have the following securitieson issue: Number Class 1,137,846,061 Fully paid ordinary shares 375,659,669 Listed Options exercisable at $0.02; expiring 3 years from date of issue 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 Smith Joint Company Secretary Tangiers Petroleum Limited Level 2, 5 Ord Street West Perth WA 6005, Australia Ph: + 61 8 9485 0990 www.tangierspetroleum.com Contacts RFC Ambrian Limited As Nominated AdviserMr Oliver Morse / Ms Trinity McIntyre+61 8 9480 2500 As Corporate BrokerMr Charlie Cryer+44 20 3440 6800 Mr Ed Portman (Media and Investor Relations - United Kingdom)Tavistock Communications+44 20 7920 3150