Tangiers terminates FOA with CWH Resources

8 October 2013 TANGIERS PETROLEUM LIMITED Tangiers terminates farm-out agreement with CWH Resources Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) (Tangiers) advises that it hasterminated its Farm-out Agreement with CWH Resources Limited in relation to theoffshore permits WA-442-P and NT/P81 (Permits) located in the Joseph BonaparteGulf, northern Australia. Tangiers terminated the agreement because CWH did not meet the deadline tosatisfy the conditions precedent. These conditions precedent (see announcement dated 22 May, 2013) includedTangiers obtaining from the relevant Australian government authority anextension of the time allowed to complete the minimum work commitments. Tangiers fulfilled this condition precedent, with a six-month extension (to 12October 2013 for WA-442-P and 11 November 2013 for NT/P81) being granted toTangiers to allow for planning and award of a seismic survey contract. However, CWH has not reached a decision on the award of the seismic vesselcontract within the timeframe needed to meet the government's requirements. This is despite Tangiers providing CWH with an evaluation of the contractors'bids and a recommendation on the most suitable contractor. Tangiers is now actively seeking alternative farm-in partners to fund the workprogram commitments and will seek advice from the government regarding furtherextensions. If this is not successful by 12 October 2013, the joint authoritymay initiate cancellation of the two exploration permits. Tarfaya Block, Morocco All the conditions for the signing of the joint order by the energy and financeministers for the Tarfaya offshore block in Morocco have been met and Tangiersexpects the ministerial signatures shortly. While awaiting approval, GalpEnergia is moving ahead with well planning and hopes to spud the Tao-1 well inthe first half of calendar year 2014. New Ventures As advised previously, Tangiers' strategy is to build a company with a focus onshallow water and onshore areas in Africa. Tangiers continues to identify andevaluate growth opportunities and its strengthening balance sheet will enableit to build and develop a balanced portfolio of exploration acreage anddevelopment/production assets in Africa. EVE HOWELLExecutive Chairman 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