Level 2

Company Announcements

TANGIERS PETROLEUM LIMITED - Issue of Equity

Related Companies

PR Newswire

3 March 2015

                               88 ENERGY LIMITED

                                   PLACEMENT

88 Energy limited (Formerly Tangiers Petroleum Limited) (ASX:TPT; AIM:TPET, "88
Energy" or the "Company") announces that it has issued 691,319,300 fully paid
ordinary shares as a result of the Capital Raising approved by Shareholders at
the General Meeting held 12 February 2015.

Further, the Company has also issued 345,659,650 free attaching Listed Options
at an exercise price of A$0.02 per option expiring 2 March 2018.

In addition, the Company has issued:

  * 30,000,000 Listed Options at an exercise price of A$0.02 per option
    expiring 2 March 2018 to Energy Capital Partners for facilitation of the
    acquisition of the Icewine Project;

  * 20,000,000 unlisted options at an exercise price of A$0.014 per option
    expiring 2 March 2018 to brokers and advisors for capital raising services
    provided;

  * 45,000,000 unlisted options at an exercise price of A$0.015 per option
    expiring 18 February 2018 to Directors under the Company's Employee
    Incentive Scheme.

The issues referred to above were approved by Shareholders at the General
Meeting held 12 February 2015.

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 3 March 2015.

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

Number         Class

1,137,846,023  Fully paid ordinary shares

375,659,650    Listed Options exercisable at $0.02; expiring 3 years from date
               of issue

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 $0.70 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 March 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

20,000,000     2017

45,000,000     Unlisted options at an exercise price of A$0.014 per option
               expiring 2 March 2018

               Unlisted options at an exercise price of A$0.015 per option
               expiring 18 February 2018

Sarah Smith
Joint Company Secretary

88 Energy Limited
Level 2, 5 Ord Street
West Perth WA 6005, Australia
Ph: + 61 8 9485 0990
www.88energy.com.au


Contacts

RFC Ambrian Limited

As Nominated Adviser
Mr Oliver Morse
+61 8 9480 2500

As Corporate Broker
Mr Charlie Cryer
+44 20 3440 6800

Top of Page