Tangiers Petroleum Limited is pleased to provide the following update relating to the Tarfaya Block in Morocco.

◾ The environmental approval process is progressing and the public review will be concluded in the next few weeks. ◾ The survey vessel has mobilised to offshore Morocco and is preparing to start the site survey over the proposed Tao-1 well location. ◾ Galp Energia, who is farming in to the Tarfaya Block and will become operator, is currently screening the market for potential rig sharing/sublet options and is preparing the invitation to tender documents for the rig. ◾ Good progress has been made with the Joint Order approval of the assignment to Galp Energia by the Ministries of Energy and Finance with the documents now signed by the Minister of Energy. The approvals and signature from the Ministry of Finance are expected shortly which will then complete the Joint Order approval.

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