TAO-1 Unsuccessful

4 August 2014 TANGIERS PETROLEUM LIMITED TAO-1 Unsuccessful Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) ("Tangiers" or the "Company")provides the following update on the TAO-1 exploration well located in theTarfaya Offshore Block, Morocco. The TAO-1 exploration well was designed to optimally test the Trident prospectin carbonates of Middle Jurassic age. The well was drilled to a total depth of3,518m MD and did not encounter favourable reservoir quality at Trident. As previously reported by Tangiers, (28 July 2014), no hydrocarbon shows wereencountered at Assaka the younger secondary objective in the Upper Jurassic. The TAO-1 well will now be plugged and abandoned in line with standard industrypractice. The exploration results from TAO-1 will be integrated into the regional basinanalysis by Tangiers and its co-venture partners to further evaluate and assessthe prospectivity of the Tarfaya Offshore Blocks I - VIII. Please find below a release made by the Operator, Galp Energia. Tangiers' Managing Director, Dave Wall said: "The Company is disappointed thatsuccess was not achieved at TAO-1 and we wish to thank our shareholders fortheir support over the recent challenging period. Tangiers Board and Managementremains firmly focussed on creating value for shareholders and look forward toproviding updates on New Ventures initiatives in the not too distant future." 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. 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 Exploration well TAO-1 results, in Morocco Galp Energia announces the conclusion of the drilling of the exploration wellTAO-1, located in the Tarfaya Offshore area, in the Atlantic margin of offshoreMorocco, where no hydrocarbons were encountered. The primary objective of the well was to test the resources potential of theTrident prospect, located in the Middle Jurassic interval. The well was drilledat a total measured depth of 3,518 metres and did not encounter reservoirfacies at the main target, Trident. The well also tested the prospect Assaka, located in the Upper Jurassicinterval, and it also did not encountered hydrocarbons. The consortium is concluding operations and proceeding with rig demobilisationactivities. Galp Energia and its partners will analyse the results obtained, namelygeological data collected, using the data to evaluate the remainingprospectivity in the Tarfaya Offshore area. This was the first offshore well operated by Galp Energia, where theseactivities progressed according to plan and with no Health, Safety andEnvironmental incidents, as a result of the rigorous procedures adopted. Galp Energia is the operator of the Tarfaya Offshore area with a 50% stake inthe consortium which holds eight offshore exploration licences in the area,known as the Tarfaya Offshore I and VIII. The consortium is formed by TangiersPetroleum (25%) and by ONHYM (25%). Galp Energia, SGPS, S.A. Investor Relations: Contacts: Pedro Dias, Head Tel: +351 21 724 08 66 Website: www.galpenergia.comOtelo Ruivo, IROCatarina Aguiar BrancoCátia Lopes Fax: +351 21 724 29 65 Email: investor.relations@galpenergia.comMaria Borrega Address: Rua Tomás da Fonseca, Torre A,Pedro Pinto 1600-209 Lisboa, Portugal Reuters: GALP.LS Bloomberg: GALP PL This announcement may include forward-looking statements. Forward-lookingstatements are statements other than in respect of historical facts andaccordingly actual events or results may differ materially from those expressedor implied by such forward-looking statements. Important factors that may causeactual results to differ from forward-looking statements are referred in theAnnual Accounts Report of Galp Energia for the year ended 31 December 2013.Galp Energia does not intend to, and expressly disclaims any duty, undertakingor obligation to, make or disseminate any supplement, amendment, update orrevision to any of the information, opinions or forward-looking statementscontained in this announcement to reflect any change in events, conditions orcircumstances.