TAO-1 Well Rig Mobilised to Tarfaya Offshore Block

22 May 2014 TANGIERS PETROLEUM LIMITED TAO-1 Well Rig Mobilised to Tarfaya Offshore Block Tangiers Petroleum Limited (ASX: TPT; AIM: TPET) is pleased to advise thatdrilling of the exploration well TAO-1 off the Moroccan Atlantic coast is ontrack to commence in mid-late June, with the Ralph Coffman jack-up rig nowmobilised. The TAO-1 well is a potential company-maker for Tangiers with 190 millionbarrels* of net best estimate unrisked prospective resource (gross unriskedbest estimate 758 million barrels*). Cautionary Statement: The estimated quantities of petroleum that may bepotentially recovered by the application of a future development project relateto undiscovered accumulations. These estimates have both an associated risk ofdiscovery and a risk of development. Further exploration, appraisal andevaluation is required to determine the existence of a significant quantity ofpotentially movable hydrocarbons. Tangiers has a 25 percent participating interest in the Tarfaya Offshore Block,which is being operated by Galp Energia who has a 50 percent interest. Theremaining 25 percent interest is held by ONHYM (Morocco's National Office ofHydrocarbons and Mines), who are carried through the exploration phase. The TAO-1 well is located within a proven petroleum system, adjacent to the CapJuby oil discovery, and is targeting three stacked objectives. Tangiers Managing Director, Dave Wall, said he believed TAO-1 was a highlyattractive prospect for Tangiers' shareholders. "It is a very large structure located in shallow water within a proven playfairway and adjacent to an existing oil discovery," Mr Wall said, "All theingredients required for exploration success are present in the region, givingTangiers, and its shareholders, a good chance of success at TAO-1." About Tangiers Petroleum: Tangiers Petroleum is an Australian-based oilexplorer with assets offshore Morocco in shallow water. The Company isscheduled to spud the high impact TAO-1 exploration well in mid-late June,targeting best estimate net resource potential of 190mmbbl* of oil (gross758mmbbl, TPT 25%, probablistic). * Independently certified by NSAI as at 1 May 2011 - see NSAI Assessment ofProspective Oil Resources, market announcement dated 27 May 2011 The Prospective Resource estimates above have been reviewed by Mr BrentVillemarette who is an Executive Director of Tangiers. Mr Villemarette is areservoir engineer with over 30 years of experience and is a member of theSociety of Petroleum Engineers. Mr Villemarette has reviewed the informationand supporting documentation referred to in this announcement, produced underthe supervision of Mr Brent Villemarette, and considers the estimates to befairly represented and consents to its release in the form and context in whichit appears. END 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 Oliver Morse / Ms Trinity McIntyre+61 8 9480 2500 Mr Ed Portman (Media and Investor Relations - United Kingdom)Tavistock Communications+44 20 7920 3150