88E 88 Energy Limited

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 the
Tarfaya Offshore Block, Morocco.

The TAO-1 exploration well has intersected the shallowest and secondary
objective, Assaka. Based on currently available information, no hydrocarbon
shows have been encountered. A full petrophysical evaluation of the Assaka
objective will be carried out at section TD.

Drilling operations continue as planned towards the primary and largest
objective, Trident. The TAO-1 exploration well has been designed to test
Trident at its optimal location. Tangiers' interpret that success at Trident is
not co-dependent on the results from Assaka.

The Company will provide additional updates as appropriate.

About Tangiers Petroleum: Tangiers Petroleum is an Australian-based oil
explorer with assets offshore Morocco in shallow water. Tangiers has a 25 per
cent participating interest in the Tarfaya Offshore Block, which is being
operated by Galp Energia with a 50 per cent interest. The remaining 25 percent
interest is held by ONHYM (Morocco's National Office of Hydrocarbons and
Mines), which is carried through the exploration phase. The high impact TAO-1
exploration well spud on the 26th June 2014 and is expected to intersect two of
three possible objectives within 60 days from spud.

DAVE WALL
MANAGING DIRECTOR

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