Tangiers Petroleum Limited has received a competent Persons Report (CPR) in respect of its WA-442-P and NT/P81 permit areas. These permits are located within the shallow offshore Bonaparte Basin in Northern Australia.

ISIS Petroleum Consultants ("ISIS") prepared the CPR in relation to the proposed admission of Tangiers ordinary shares to trade on the AIM market of the London Stock Exchange.

The CPR includes an assessment of the size and prospective resources of the Nova prospect. The Nova prospect is an exploration prospect with multiple reservoir targets in the Late Devonian to Early Carboniferous aged sediments. It is a major tilted fault block which trends north-north westerly and has an estimated areal closure of about 450 square kilometres. The estimated tops of the reservoir targets at the crest of the structure lie within the range of 3,250 to 3,600 m below sea level.

ISIS estimated mean undiscovered unrisked gas initially in place of 6.93 TCF and the estimated mean unrisked prospective gas resources to be 3.46 TCF for the Nova Prospect, with details attached.

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