TAO-1 Operational Update

14 July 2014 TANGIERS PETROLEUM LIMITED TAO-1 Operational Update Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) ("Tangiers" or the "Company")is pleased to provide an update on the drilling of the TAO-1 exploration well,located offshore Morocco. No major operational issues have occurred to date andthe well is expected to intersect the Assaka and Trident objectives within 60days from spud, as previously announced. As the well has been designated as "tight", no information related to depth orformation will be provided during the drilling, beyond what is required by the ASXand AIM continuous disclosure obligations. About Tangiers Petroleum: Tangiers Petroleum is an Australian-based oilexplorer with assets offshore Morocco in shallow water. Tangiers has a 25 percent participating interest in the Tarfaya Offshore Block, which is beingoperated by Galp Energia with a 50 per cent interest. The remaining 25 percentinterest is held by ONHYM (Morocco's National Office of Hydrocarbons andMines), which is carried through the exploration phase. The high impact TAO-1exploration well spud on the 26th June 2014 and is expected to intersect two ofthree possible objectives within 60 days from spud. DAVE WALLMANAGING DIRECTOR Tangiers Petroleum LimitedLevel 2, 5 Ord StreetWest Perth WA 6005, AustraliaPh: + 61 8 9485 0990www.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