Unlisted Options

21 July 2014 TANGIERS PETROLEUM LIMITED UNLISTED OPTIONS Tangiers Petroleum Limited (ASX:TPT; AIM:TPET, "Tangiers" or the "Company")announces that it has issued 430,000 fully paid ordinary shares as a result ofthe exercise of options in the Company at an exercise price of A$0.16 pershare. The Company has applied for the new shares to be admitted to trading on boththe ASX and AIM markets. Trading in the new shares on AIM is expected tocommence on or around 24 July 2014. The Directors wish to advise that 409,091 unlisted options exercisable at $0.22expired on 19 July 2014, unexercised. The Directors also wish to advise that 1,500,000 unlisted options exercisableat $0.28 and exercisable before 26 November 2015 have been cancelled inaccordance with the terms of their issue. Following the above movements, the Company has the following securities onissue: Number Class 252,026,723 Fully paid ordinary shares 6,000,000 Unlisted options exercisable at $0.60 on or before 16 December 2014 1,000,000 Unlisted options exercisable at $0.22 on or before 16 December 2014 500,000 Unlisted options exercisable at $0.50 on or before 2 April 2015 3,274,124 Unlisted options exercisable at $0.60 on or before 2 April 2015 3,500,000 Unlisted options exercisable at $0.70 on or before 2 April 2015 300,000 Unlisted options exercisable at $0.50 on or before 10 April 2016 213,733 Unlisted options exercisable at GBP£0.256 (A$0.393) on or before 19 November 2015 487,230 Unlisted options exercisable at GBP£0.242 (A$0.383) on or before 19 November 2015 2,000,000 Unlisted options exercisable at $0.28 on or before 26 November 2015 3,000,000 Unlisted options exercisable at $0.28 on or before 26 November 2015 2,500,000 Unlisted options exercisable at $0.45 on or before 31 March 2016 2,500,000 Unlisted options exercisable at $0.45 on or before 31 October 2016 (voluntary escrow for 12 months) 1,000,000 Unlisted options exercisable at $0.42 on or before 12 June 2017 (vesting conditions apply) 2,000,000 Unlisted options exercisable at $0.28 on or before 12 June 2017 1,000,000 Unlisted options exercisable at $0.30 on or before 22 April 2016 680,000 Unlisted options exercisable at $0.16 on or before 12 June 2017 Robert DaltonCompany Secretary 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