TAO-1 Operational Update

28 July 2014 TANGIERS PETROLEUM LIMITED TAO-1 Operational Update 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 has intersected the shallowest and secondaryobjective, Assaka. Based on currently available information, no hydrocarbonshows have been encountered. A full petrophysical evaluation of the Assakaobjective will be carried out at section TD. Drilling operations continue as planned towards the primary and largestobjective, Trident. The TAO-1 exploration well has been designed to testTrident at its optimal location. Tangiers' interpret that success at Trident isnot co-dependent on the results from Assaka. The Company will provide additional updates as appropriate. 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