Tangiers Petroleum has completed a private placement book build to raise approx. AUD$6.35 million through the issue of approx. 12.7 Million shares at AUD$0.50/GBP£0.33 in conjunction with its proposed admission to trading on the AIM market of the London Stock Exchange, expected to take place on 3 February 2012.

The placement is being conducted under the company's 15% placement capacity under ASX listing rule 7.1. Investors from the US, United Kingdom and Australia participated in the offer. The proceeds of the placement are intended to be used for:

■ Advancing the company's exploration program in Morocco and Australia ■ Meeting the costs of the company's AIM listing; and ■ General working capital.

DJ Carmichael, Casimir Capital, Shore Capital and Old Park Lane Capital acted as brokers to the placement.

Mark Ceglinski, Chairman of Tangiers Petroleum, commented, 'Tangiers is extremely pleased with the interest and support it has received in this placement. The institutional participation from North America and the UK is a great recognition of the potential of our two key exploration projects.'

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