HYTERRA LTD — Capital/Financing Update 2011

Dec 22, 2011

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23 December 2011

The Manager Company Announcements Office Australian Securities Exchange Ltd 4th Floor, 20 Bridge Street SYDNEY NSW 2000

DESPATCH OF PROSPECTUS COMPLETED

On 8 December 2011, Tango Petroleum Limited (ASX: TNP, “Tango” or the “Company”) advised it had lodged a prospectus ( Prospectus ) with the Australian Securities & Investments Commission ( ASIC ) in relation to a non-renounceable entitlement issue of 1 fully paid ordinary share in the capital of the Company ( Share ) for every 1 Share held by shareholders of the Company as at the Record Date ( Eligible Shareholders ) at an issue price of 1 cent per Share to raise up to $1,200,000 ( Offer ).

The Company would now like to advise that the despatch of the Prospectus to Eligible Shareholders has been completed in line with the previously announced timetable.

Yours faithfully

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MATHEW WALKER EXECUTIVE CHAIRMAN

Office - Suite 9, 1200 Hay Street, West Perth WA 6005 Postal - PO Box 281, West Perth WA 6872 Ph: 08 6460 4960 Fax: 08 9324 3045 Web: www.tangopetroleum.com.au ACN - 116 829 675