HYTERRA LTD — Capital/Financing Update 2012

Jan 15, 2012

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16 January 2012

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

ENTITLEMENT ISSUE SHORTFALL NOTIFCATION

The Board of Directors of Tango Petroleum Limited (ASX: TNP, “Tango” or the “Company”) wish to advise that the shortfall from the recently closed Entitlement Issue was 61,472,657.

Pursuant to the previously advised timetable, holding statements for the 58,527,343 Shares taken up under the Entitlement Issue will be despatched on 19 January 2012.

Yours faithfully,

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Mathew Walker Executive Chairman

For further information please contact:

James Robinson, Company Secretary, Tango Petroleum Limited: Ph + 61 (0) 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