Tangiers receives official approval for Farm-out to Galp

20 December 2013 TANGIERS PETROLEUM LIMITED Tangiers receives official approval for Farm-out to Galp Energia Tangiers Petroleum Limited (ASX: TPT; AIM:TPET) (Tangiers) is pleased toannounce that the Ministries of Energy and Finance in Morocco have officiallyapproved the assignment of a 50 per cent interest in the Tarfaya Offshore Blockfrom Tangiers to Galp Energia (Galp). Tangiers will maintain a 25 per centinterest in the Tarfaya Offshore Block. The signed Joint Order from the Ministries means Galp will now assumeoperatorship of the Tarfaya Offshore Block which comprises eight explorationpermits. Pursuant to the farm-out agreement, Galp is obliged to expend US$40.5million which will include up to US$7.5 million in back costs reimbursable toTangiers and the cost of an exploration well (TAO-1), limited by a cap, to bedrilled within the Tarfaya Offshore area. With the receipt of the Ministerialapprovals, the back costs reimbursement is expected to be paid shortly. The Moroccan government has also approved a six month extension to the FirstExtension Period for the Tarfaya Offshore Block. This means the joint venturepartners will have until February 2015 to evaluate the results of the TAO-1well and decide whether to enter the Second Extension Period. Executive Chairman Eve Howell commented "We are very pleased to receive theapproval from the Moroccan government and Galp can now source and contract adrilling rig for the TAO-1 well which is expected to be drilled in the firsthalf of next calendar year". 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 (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