HYTERRA LTD — Capital/Financing Update 2011

Jan 19, 2011

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20 January 2011

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

PLACEMENT

The Board of Tango Petroleum Limited (“Tango” or the “Company”) is pleased to announce it has agreed to place (the “Placement”) 6 million shares at 12 cents per share to sophisticated and professional clients of Cygnet Capital Pty Limited to raise $720,000 before costs. Each share subscribed for will have a free attaching option on the same terms as the existing listed company options (ASX Code: TNPO). The Placement will be done pursuant to ASX listing rule 7.1.

Monies raised will be used to advance the Company’s high impact Amazon and Thames projects in Louisiana USA.

Yours faithfully,

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Mathew Walker Executive Chairman

For further information please contact:

James Robinson, Company Secretary, Tango Petroleum Limited, Tel: + 61 (8) 6460 4960

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