TANGIERS PETROLEUM LIMITED - Issue of Equity

18 February 2015

                          TANGIERS PETROLEUM LIMITED

                                   PLACEMENT

Tangiers Petroleum Limited (ASX:TPT; AIM:TPET, "Tangiers" or the "Company")
announces that it will issue 691,319,339 fully paid ordinary shares as a result
of the Capital Raising approved by Shareholders at the General Meeting held 12
February 2015.

In addition, the Company will issue 345,659,669 free attaching Listed Options
at an exercise price of A$0.02 per option expiring 3 years from date of issue.

In addition, the Company will issue 30,000,000 Listed Options at an exercise
price of A$0.02 per option expiring 3 years from date of issue to Energy
Capital Partners for facilitation of the acquisition of the Icewine Project.

The Company will apply for the new shares and options to be admitted to trading
on both the ASX and AIM markets. Trading in the new shares on AIM is expected
to commence on or around 2 March 2015.

Following the above movements, the Company will have the following securities
on issue:

Number         Class

1,137,846,061  Fully paid ordinary shares

375,659,669    Listed Options exercisable at $0.02; expiring 3 years from date
               of issue

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

250,000        Unlisted options exercisable at $0.16 on or before 12 June 2017

12,000,000     Unlisted options exercisable at $0.01 on or before 22 October

               2017

Sarah Smith

Joint Company Secretary

Tangiers Petroleum Limited

Level 2, 5 Ord Street

West Perth WA 6005, Australia

Ph: + 61 8 9485 0990

www.tangierspetroleum.com Contacts

RFC Ambrian Limited

As Nominated Adviser
Mr Oliver Morse / Ms Trinity McIntyre
+61 8 9480 2500

As Corporate Broker
Mr Charlie Cryer
+44 20 3440 6800

Mr Ed Portman (Media and Investor Relations - United Kingdom)
Tavistock Communications
+44 20 7920 3150