Listed Options Expiry and Issue of Equity

4 November 2013 TANGIERS PETROLEUM LIMITED LISTED OPTIONS EXPIRY AND ISSUE OF EQUITY Tangiers Petroleum Limited (the Company) advises that the shortfall of the 31October listed options (ASX: TPTOA) is 1,560,303. As announced on 10 October 2013, these options will be placed in accordancewith the Underwriting Agreement with Foster Stockbroking Pty Ltd. Executive Chairman Eve Howell comments "We are extremely pleased with theresponse from the optionholders in exercising the options and also to see theentry of new shareholders onto our register. The funds of approximately A$7m for the options will enable the Company toaccelerate its search for new opportunities in Africa, in accordance with ourstrategy of growing an African-focused company. The Company also expects to receive the approval of the farmout of its MoroccanTarfaya block to Galp Energia shortly." The Company also advises that it has issued 16,276,907 fully paid ordinaryshares as a result of the exercise of options in the Company at an exerciseprice 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 8 November 2013. Following the above issue, the Company has the following securities on issue: Number Class 158,373,525 Fully paid ordinary shares 16,205,696 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