Issue of Equity

14 February 2013 TANGIERS PETROLEUM LIMITED ISSUE OF EQUITY

Tangiers Petroleum Limited (the Company) announces that it has issued 12,500fully paid ordinary shares as a result of the exercise of options in theCompany at an exercise price of A$0.16.

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 19 February 2013.

Following the above issue, the Company has the following securities on issue:Number Class130,442,076 Fully paid ordinary shares44,137,145 ASX-listed Options (TPTOA) exercisable at A$0.16 on or before 31 October 20131,000,000 Unlisted options exercisable at A$0.22 on or before 19 July 20146,000,000 Unlisted options exercisable at A$0.60 on or before 16 December 20141,000,000 Unlisted options exercisable at A$0.22 on or before 16 December 2014500,000 Unlisted options exercisable at A$0.50 on or before 2 April 20153,274,124 Unlisted options exercisable at A$0.60 on or before 2 April 20153,500,000 Unlisted options exercisable at A$0.70 on or before 2 April 2015300,000 Unlisted options exercisable at A$0.70 on or before 10 April 2016213,733 Unlisted options exercisable at GBP£0.256 on or before 19 November 2015487,230 Unlisted options exercisable at GBP£0.242 on or before 19 November 20152,000,000 Unlisted options exercisable at A0.$28 on or before 26 November 2015 (voluntary escrow for 12 months to 26 November 2013)1,500,000 Unlisted options exercisable at A0.$28 on or before 26 November 2015 (vesting conditions apply)3,000,000 Unlisted options exercisable at A0.$28 on or before 26 November 2015KRYSTEL KIROUJoint Company SecretaryTangiers Petroleum LimitedLevel 2, 5 Ord StreetWest Perth WA 6005, AustraliaPh: +61 8 9485 0990www.tangierspetroleum.comContactsRFC Ambrian Limited (Nominated Adviser)Mr Stuart Laing+ 61 8 9480 2506Old Park Lane Capital PLC (Joint AIM Broker)Mr Michael ParnesMr Luca Tenuta+ 44 20 7493 8188Shore 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