20 November 2014

                          TANGIERS PETROLEUM LIMITED

     TANGIERS WINS BID FOR SIGNIFICANT INTEREST IN US OIL AND GAS PROJECT

**A full pdf version of this announcement including images is available from
the Company's website at www.tangierspetroleum.com.au

SUMMARY:

*Successful bid for large acreage position onshore Alaska in prolific liquids-
rich area

*Significant working interest in strategic asset with world class potential

*Excellent fiscal terms, with cash rebate of up to 85% of exploration
expenditure

*Experienced U.S. partner to work with Tangiers "on the ground"

*Long primary term leases (10 years), Operatorship and high working interest
(87.5%) provide maximum financial flexibility to Tangiers

Tangiers Petroleum Limited ("Tangiers" or the "Company") is pleased to announce
that it has entered into Binding Agreements to acquire a significant working
interest in a large acreage position on a multiple objective, liquids-rich
exploration opportunity in onshore North America known as Project Icewine (the
"Project").

PROJECT ICEWINE HIGHLIGHTS

*High working interest (87.5%) in strategic asset with a world class prize

*Up to 86,940 net acres of a gross 99,360 acre (400 km2) opportunity

*Near ground-floor entry with average price per acre of approximately US$30

*10 year primary term with no mandatory relinquishment

*Low 16.5% royalty (materially lower than most U.S. opportunities)

*Large acreage position and Operatorship provide flexibility for possible
farm-down

*The primary objective is an untested, unconventional liquids-rich shale play
in the prolific shale complex that sourced the largest oil field in North
America

*The shallower conventional opportunity is a high-porosity, deepwater sand
complex that is the hottest play on the North Slope and locally highlighted by
three undeveloped discoveries on adjacent acreage

*Organically generated by the principal of BEX (and an AEM founding partner)
that spearheaded ConocoPhillips' 2005-2008 Industry entry into the sweetspot of
the Eagle Ford Shale play, South Texas, US

*Internal analysis indicates the North Slope acreage is similarly located in a
high-liquids, vapour phase shale sweetspot with Tier One in-place resource,
maximizing the potential for compelling delivery rates and recoverable volumes

*Advantageously situated adjacent to the Dalton Haul Road and TransAlaska
Pipeline (TAPS), resulting in all year round access for operations and
immediate market access

*Up to 85% of exploration expenditure in 2015 is cash-refundable by the State
of Alaska through the Alternative Credit for Exploration and Carried Forward
Loss Credit

*Alaska is currently the only US State approved for oil export, giving Tangiers
exposure to international oil pricing

*Full independent technical report underway

Tangiers' Managing Director, Dave Wall said "Project Icewine is the first step
towards rebuilding the Company. Icewine ticks three of our key boxes for a
start-up project: funding flexibility, ground floor entry and huge upside
potential. In addition, the Project is located in a prolific oil producing
region, with good infrastructure and significant nearby activity by major
industry players. The Board is looking forward to working with our US partners
in order to unlock the substantial value we believe resides within the
Project."

Figure 1 - Project Icewine Location (please refer to the pdf version of this
announcement available from the Company's website)

DEAL METRICS

Tangiers, through its Houston based agent in the bid process, Burgundy
Xploration LLC ("BEX"), was the apparent high bidder* on 90,720 acres at the
Alaska North Slope Areawide Sale on 19 November 2014. BEX will contribute its
8,640 acres and initially receive 12,420 acres across the entire Project in
return. Post the swap, Tangiers' wholly owned subsidiary, Accumulate Energy
Alaska Inc., will own up to 86,940 net acres of a gross 99,360 acre (400 km2)
opportunity. Accumulate Energy Alaska will be the Operator of record and will
execute the Project in conjunction with Arktos Energy Management LLC ("AEM") of
Houston Texas, a company that specializes in generating, capitalizing and
managing new upstream ventures.

Tangiers is gaining ground floor entry through the bid round with minimal
promote on the acreage swap with BEX. Tangiers will also carry BEX on the first
US$2m of expenditure. On spud of the first well on the acreage BEX will be
assigned an additional 9,660 acres. The up-front cost to Tangiers is a 20%
deposit paid to the Department of Natural Resources Alaska (US$520,000) with
the balance of ~US$3m (including first year rental cost of US$10 per acre)
likely to be paid in Q2 2015 post formal Award.

The US Partner, AEM, will receive a 4% Overriding Royalty and a Net Profit
Interest ("NPI") that scales with Return on Invested Capital, generating
revenue to the US partner only on a success basis. The NPI starts at 5% on a
Multiple on Invested Capital ("MOIC") of 1x, increasing by 5% with each MOIC
increment up to a maximum of 45% at 10x MOIC. Real world examples show that
shareholders enjoy substantial increases in share price as MOIC increases. (The
share price of ASX listed Aurora Oil and Gas Ltd increased by 30x over 4 years
with an ultimate MOIC of greater than 3x). The NPI is recalculated on a six monthly basis
and paid out of Project profits, including proceeds from any sale.

Further, the American concept generators become "boots on the ground" in the
U.S. for Tangiers through Board seats on the subsidiary and a consultancy
agreement.

*apparent high bidder is announced to those present, in person, at the sale
process in Anchorage, Alaska. Formal high bidder is officially notified by mail
several weeks later.

WORK PROGRAM

The initial work program is focused on moving the Project forward towards
drilling of the first well and/or attracting a farm-in partner in the near to
medium term. The estimated CY2015 budget of US$2.1m comprises the purchase,
reprocessing and re-interpretation of existing 2D seismic in addition to well
planning activities and overheads.

In order to complete the transaction, Tangiers will require shareholder
approval in a general meeting. It is anticipated that this meeting will be held
in January 2015.

A more detailed presentation on the asset will be released in the coming weeks.

DAVE WALL
MANAGING DIRECTOR

Media and Investor Relations

Australia
Tangiers Petroleum Limited
Level 2, 5 Ord Street
West Perth WA 6005, Australia
Ph: + 61 8 9485 0990
www.tangierspetroleum.com

Hartleys Ltd
As Corporate Advisor
Mr Dale Bryan
+ 61 8 9268 2829


United Kingdom
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