HYTERRA LTD — Share Issue/Capital Change 2012

Jan 17, 2012

Appendix 3B New issue announcement

Rule 2.7, 3.10.3, 3.10.4, 3.10.5

Appendix 3B

New issue announcement, application for quotation of additional securities and agreement

Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX’s property and may be made public.

Introduced 1/7/96. Origin: Appendix 5. Amended 1/7/98, 1/9/99, 1/7/2000, 30/9/2001, 11/3/2002, 1/1/2003, 24/10/2005.

Name of entity

Tango Petroleum Limited

ACN

116 829 675

We (the entity) give ASX the following information.

Part 1 - All issues

You must complete the relevant sections (attach sheets if there is not enough space).

• 1 +Class of +securities issued or to Shares be issued

• 2 Number of[+] securities issued or 58,527,343 to be issued (if known) or maximum number which may be issued

• 3 Principal terms of the[+] securities Fully paid ordinary (eg, if options, exercise price and expiry date; if partly paid +securities, the amount outstanding and due dates for payment; if +convertible securities, the conversion price and dates for conversion)

• See chapter 19 for defined terms.

24/10/2005 Appendix 3B Page 1

Appendix 3B New issue announcement

4 Do the+securities rank equally in all respects from the date of allotment with an existing+class of quoted+securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 5 Issue price or consideration 6 Purpose of the issue (If issued as consideration for the acquisition of assets, clearly identify those assets) 7 Dates of entering +securities into uncertificated holdings or despatch of certificates 8 Number and +class of all +securities quoted on ASX (including the securities in clause 2 if applicable)	Yes	Yes
	$0.01
	To Fund Future Appraisal, Exploration and Working Capital expenses.
	18 January 2012
	Number	+Class
	178,527,353 99,000,000	Fully Paid Ordinary Options - Exercisable at $0.06 on or before 30 June 2012

• See chapter 19 for defined terms.

Appendix 3B Page 2

24/10/2005

Appendix 3B New issue announcement

9 Number and +class of all +securities not quoted on ASX (including the securities in clause 2 if applicable) 10 Dividend policy (in the case of a trust, distribution policy) on the increased capital (interests)	Number	+Class
	N/A
	N/A

Part 2 - Bonus issue or pro rata issue

11 Is security holder approval required? 12 Is the issue renounceable or non- renounceable? 13 Ratio in which the+securities will be offered 14 +Class of+securities to which the offer relates 15 +Record date to determine entitlements 16 Will holdings on different registers (or subregisters) be aggregated for calculating entitlements? 17 Policy for deciding entitlements in relation to fractions 18 Names of countries in which the entity has+security holders who will not be sent new issue documents Note: Security holders must be told how their entitlements are to be dealt with. Cross reference: rule 7.7. 19 Closing date for receipt of acceptances or renunciations	No
	Non-renounceable
	1 for 1
	Shares
	19 December 2011
	N/A
	Rounded down
	Switzerland, United Kingdom, Singapore, USA
	11 January 2012

• See chapter 19 for defined terms.

Appendix 3B Page 3

1/1/2003

Appendix 3B New issue announcement

20 Names of any underwriters 21 Amount of any underwriting fee or commission 22 Names of any brokers to the issue 23 Fee or commission payable to the broker to the issue 24 Amount of any handling fee payable to brokers who lodge acceptances or renunciations on behalf of+security holders 25 If the issue is contingent on +security holders’ approval, the date of the meeting 26 Date entitlement and acceptance form and prospectus or Product Disclosure Statement will be sent to persons entitled 27 If the entity has issued options, and the terms entitle option holders to participate on exercise, the date on which notices will be sent to option holders 28 Date rights trading will begin (if applicable) 29 Date rights trading will end (if applicable) 30 How do+security holders sell their entitlements_in full_through a broker? 31 How do+security holders sell part of their entitlements through a broker and accept for the balance?	N/A
	N/A
	N/A
	N/A
	N/A
	N/A
	23 December 2011
	N/A
	N/A
	N/A
	N/A
	N/A

• See chapter 19 for defined terms.

Appendix 3B Page 4

1/1/2003

Appendix 3B New issue announcement

• 32 How do[+] security holders dispose of their entitlements (except by sale through a broker)?

N/A

• 33 +Despatch date

18 January 2012

Part 3 - Quotation of securities

You need only complete this section if you are applying for quotation of securities

• 34 Type of securities ( tick one )

• (a) Securities described in Part 1

• (b)[All other securities ]

Example: restricted securities at the end of the escrowed period, partly paid securities that become fully paid, employee incentive share securities when restriction ends, securities issued on expiry or conversion of convertible securities

Entities that have ticked box 34(a)

Additional securities forming a new class of securities

Tick to indicate you are providing the information or documents

• 35 If the[+] securities are[+] equity securities, the names of the 20 largest holders of the additional[+] securities, and the number and percentage of additional[+] securities held by those holders

• 36 If the[+] securities are[+] equity securities, a distribution schedule of the additional +securities setting out the number of holders in the categories

• 1 - 1,000

• 1,001 - 5,000

• 5,001 - 10,000 10,001 - 100,000 100,001 and over

• 37 A copy of any trust deed for the additional[+] securities

• See chapter 19 for defined terms.

Appendix 3B Page 5

1/1/2003

Appendix 3B New issue announcement

Entities that have ticked box 34(b)

38 Number of securities for which N/A +quotation is sought 39 Class of +securities for which N/A quotation is sought 40 Do the[+] securities rank equally in N/A all respects from the date of allotment with an existing[+] class of quoted[+] securities? If the additional securities do not rank equally, please state: • the date from which they do • the extent to which they participate for the next dividend, (in the case of a trust, distribution) or interest payment • the extent to which they do not rank equally, other than in relation to the next dividend, distribution or interest payment 41 Reason for request for quotation N/A now Example: In the case of restricted securities, end of restriction period (if issued upon conversion of another security, clearly identify that other security) Number +Class 42 Number and +class of all N/A +securities quoted on ASX ( including the securities in clause 38)

• See chapter 19 for defined terms.

Appendix 3B Page 6

1/1/2003

Appendix 3B New issue announcement

Quotation agreement

• 1 +Quotation of our additional +securities is in ASX’s absolute discretion. ASX may quote the[+] securities on any conditions it decides.

• 2 We warrant the following to ASX.

• The issue of the[+] securities to be quoted complies with the law and is not for an illegal purpose.

• There is no reason why those[+] securities should not be granted +quotation.

• An offer of the[+] securities for sale within 12 months after their issue will not require disclosure under section 707(3) or section 1012C(6) of the Corporations Act.

Note: An entity may need to obtain appropriate warranties from subscribers for the securities in order to be able to give this warranty

• Section 724 or section 1016E of the Corporations Act does not apply to any applications received by us in relation to any[+] securities to be quoted and that no-one has any right to return any[+] securities to be quoted under sections 737, 738 or 1016F of the Corporations Act at the time that we request that the[+] securities be quoted.

• If we are a trust, we warrant that no person has the right to return the +securities to be quoted under section 1019B of the Corporations Act at the time that we request that the[+] securities be quoted.

• 3 We will indemnify ASX to the fullest extent permitted by law in respect of any claim, action or expense arising from or connected with any breach of the warranties in this agreement.

• 4 We give ASX the information and documents required by this form. If any information or document not available now, will give it to ASX before +quotation of the +securities begins. We acknowledge that ASX is relying on the information and documents. We warrant that they are (will be) true and complete.

Sign here:

==> picture [123 x 45] intentionally omitted <==

Date: 18/01/2012

(Company Secretary)

Print name: James Robinson

• See chapter 19 for defined terms.

== == == == ==

24/10/2005 Appendix 3B Page 7

TANGO PE TANGO PE Page - 1 2 3 4 * 5 6 7 * 8 9 10 11 12 13 14 15 16 * 17 18 19 20 * ** All	TROLEUM LIMITED TROLEUM LIMITED FULLY PAID SHARE 1 Holder name WALKER MATHEW DONALD AVIEMORE CAP PL SEASPIN PL ROHDE STEPHEN C + C D RALSTON GARRY BENJAMIN SABRELINE PL FREEMAN MARK WECK LORAINE VON DER W ABN AMRO CLEARING SYDNEY BONANZA NOM PL MITCHELL BRETT + M BONANZA NOM PL VIENNA HLDGS PL MIKADO CORP PL KAMIRA INV PL PROSPERO CAP PL JEPP RAYMOND SEIVAD INV PL PATERSON GRANT THOMAS THOMPSON SUSAN THERESE ** Top 20 total *** holders included	S Designation APHRODITE A/C LINDREW A/C JPR INV A/C FREEMAN FAM A/C CUST A/C DYSON S/F A/C MITCHELL SPRING FA DYSON S/F A/C JFC SUPER A/C FW A/C PROSPERO GROWTH FU GTP FAM ACCOUNT * - Denotes merged ho	Spread &	Top	2	0 Listing D U Status -* of issued 16.63% 6.72% 6.72% 5.64% 3.36% 3.25% 3.23% 2.80% 2.74% 2.58% 2.56% 2.24% 1.96% 1.82% 1.68% 1.68% 1.68% 1.51% 1.12% 1.12% _______ 71.04%	ate - 18/01/2012 Time - 7.21.34 ser - ALANA SRSPTP *- As at:30/12/11 -* Units % of issued 14,845,850 12.37% 1 6,000,000 5.00% 3 6,000,000 5.00% 4 6,075,000 5.06% 2 6,000,000 5.00% 5 2,900,000 2.42% 10 2,879,300 2.40% 11 5,000,000 4.17% 6 3,731,849 3.11% 7 2,084,000 1.74% 13 2,285,714 1.90% 12 2,000,000 1.67% 14 1,750,000 1.46% 15 3,242,000 2.70% 8 1,500,000 1.25% 16 1,500,000 1.25% 17 3,000,000 2.50% 9 1,350,000 1.13% 19 1,000,000 .83% 23 1,000,000 .83% 24 ___________ _______ 74,143,713 61.79%	ate - 18/01/2012 Time - 7.21.34 ser - ALANA SRSPTP *- As at:30/12/11 -* Units % of issued 14,845,850 12.37% 1 6,000,000 5.00% 3 6,000,000 5.00% 4 6,075,000 5.06% 2 6,000,000 5.00% 5 2,900,000 2.42% 10 2,879,300 2.40% 11 5,000,000 4.17% 6 3,731,849 3.11% 7 2,084,000 1.74% 13 2,285,714 1.90% 12 2,000,000 1.67% 14 1,750,000 1.46% 15 3,242,000 2.70% 8 1,500,000 1.25% 16 1,500,000 1.25% 17 3,000,000 2.50% 9 1,350,000 1.13% 19 1,000,000 .83% 23 1,000,000 .83% 24 ___________ _______ 74,143,713 61.79%
			*- Curren Units 29,691,700 12,000,000 12,000,000 10,075,000 6,000,000 5,800,000 5,758,600 5,000,000 4,886,769 4,598,996 4,571,428 4,000,000 3,500,000 3,242,000 3,000,000 3,000,000 3,000,000 2,700,000 2,000,000 2,000,000 _____________ 126,824,493	Curren Units	t %
			lder

	TANGO PETROLEUM LIMITED TANGO PETROLEUM LIMITED FULLY PAID SHARES Page - 2 Spread of holdings NIL holding 1 - 1,000 1,001 - 5,000 5,001 - 10,000 10,001 - 100,000 100,001 - Total on register Total overseas holders Analysis by location Overseas Australia : ACT NSW VIC QLD SA WA TAS NT Address unknown	Holders Securities 22 11,298 74 271,236 135 1,231,903 248 9,756,392 125 167,256,514 _______ _____________ 604 178,527,343 _______ _____________ 90 11,290,675 90 11,290,675 3 38,750 68 12,371,247 188 20,153,996 49 2,537,577 13 805,956 160 129,530,006 8 920,850 3 406,112 22 472,174 _______ _____________ 604 178,527,343 _______ _____________	Spread Analysis Listing Date - 18/01/2012 Time - 7.21.34 User - ALANA SRSPTP % of issued capital .01 % .15 % .69 % 5.46 % 93.69 % ________ 100.00 % ________ 6.32 % 6.32 % .02 % 6.93 % 11.29 % 1.42 % .45 % 72.55 % .52 % .23 % .26 % ________ 100.00 % ________

  ** ALL holders included                  ***  Common holders merged into one holding

TANGO PETRO TANGO PETRO Page - 3 Code CHE GBR NZL SGP USA	LEUM LIMITED LEUM LIMITED FULLY PAID SHARES Country SWITZERLAND (CONFEDER) UNITED KINGDOM GB & N I NEW ZEALAND SINGAPORE UNITED STATES OF AMERICA _ Foreign investment Australian investment _ Totals:- _ % Foreign to total 6.75%	Foreign Investment Analysis Date - 18/01/2012 Time - 7.21.34 User - ALANA SRSPTP No of Total Holders Securities 1 5,000,000 2 123,334 83 2,439,510 3 3,718,831 1 9,000 _______ _____________ 90 11,290,675 514 167,236,668 _______ _____________ 604 178,527,343 _______ _____________

  ** ALL holders included                  ***  Common holders merged into one holding