18 February 2015

                          TANGIERS PETROLEUM LIMITED

                        Placement to Raise A$7 million

Tangiers Petroleum Limited ("Tangiers" or the "Company", ASX:TPT, AIM TPET) is
pleased to advise that further to its announcement on 16 February 2015 the
Company has successfully completed the bookbuild for a placement to domestic
and international institutional and sophisticated investors to raise
approximately A$7 million ("Placement"). The Placement was strongly
oversubscribed.

The Placement of 691,319,339 shares was undertaken at A$0.01 per share.
Placement participants will receive one free attaching option for every two
Placement shares, with the options exercisable at A$0.02 each and expiring 1
March 2018. Tangiers will apply to the ASX for quotation of the Placement
options. Full details of the Placement are set out in the prospectus that was
lodged by Tangiers with the ASX on Monday 16 February 2015.

Funds raised pursuant to the Placement will be utilised by Tangiers for
completion of the acquisition of Project Icewine, progressing exploration at
Project Icewine, and for working capital.

Three directors of Tangiers, David Wall, Michael Evans and Stephen Staley
participated in the Placement (with shareholder approval received for this at
the Company's General Meeting on 12 February 2015) on exactly the same terms
as all other investors. The changes in their interests in Tangiers' securities
as a result of this is as below:

Director              Previous         New securities          Current interest
                      interest             issued
                  Shares     Options    Shares     Options      Shares    Options
David Wall       9,916,666 -           4,250,000 1,416,667    14,166,666 1,416,667
Michael Evans    5,166,667 1,000,000   4,250,000 1,416,667    9,416,667  2,416,667
Stephen Staley   4,166,667 2,000,000   1,650,000 550,000      5,816,667  2,550,000

Further details of the above current interests (including direct and indirect
holdings and full option details) will be released in subsequent ASX Appendix
3Y announcements shortly.

Commenting on the success of the Placement, Tangiers Managing Director Dave
Wall stated, "The strong support for the Placement speaks volumes to the
quality of Project Icewine, and is a recognition of the outstanding upside
potential that the project offers for investors. Project Icewine benefits from
a unique combination of conventional and unconventional potential, along with
generous rebates offered by the State of Alaska. We look forward to completing
the acquisition of the Project with funds raised from this Placement as well
as progressing exploration."

"Planning and permitting for the drilling of our first well and acquisition of
3D seismic is already underway and we will be providing updates to the market
on progress in the very near term. In addition to increasing operational
activity over the coming months, the Company continues to progress strong
early interest in Project Icewine from a number of potential funding partners
and we hope to be able to provide news on that front later this year."

"The Board of Tangiers welcomes our new shareholders, and we thank our
existing shareholders for their ongoing support."

Hartleys Limited acted as sole Lead Broker to the Offer. DJ Carmichael Pty Ltd
and BBY Limited acted as Co-Managers to the Offer.

Settlement of the Placement is scheduled to occur on 27 February 2015 in one
tranche, with the shares and options issued pursuant to shareholder approval
that was received by Tangiers on 12 February 2015, and pursuant to Tangiers'
ASX Listing Rule 7.1 capacity. The Company has applied for the 691,319,339 new
shares to be admitted to trading on both the ASX and AIM markets. Trading in
the news shares on AIM is expected to commence on or around 2 March 2015.

Please refer to the Company's separate announcement released today titled
"Placement" for details of the Company's securities on issue following the
above Placement.

Yours faithfully

Dave Wall

Managing Director

Tangiers Petroleum Ltd

About Tangiers: Tangiers recently acquired an initial 87.5% working
interest and operatorship in 99,360 acres onshore the prolific North Slope of
Alaska ("Project Icewine"). The North Slope is the host for the 15 billion
barrel Prudhoe Bay oilfield complex, the largest in North America. The
Company, through its Joint Venture partner Burgundy Xploration, has identified
two highly prospective play types that are likely to exist on the Project
Icewine acreage - one conventional and one unconventional. In addition to the
interpreted high prospectivity, the project is strategically located on a
year-round operational access road and only 35 miles south of Pump Station 1
where Prudhoe Bay feeds into the TransAlaska Pipeline System. The Company
plans to progress drilling and seismic in the near term to take advantage of
the globally unique fiscal system in Alaska, which allows for up to 85% of
CY2015 exploration expenditure to be rebated in cash.

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

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