Step 1: Concept
Tangents from an external point are perpendicular to the radii at the points of tangency.
Step 2: Analysis
$O=(0,0)$, radius $r=2$. $P=(-4,0)$, so $OP=4$.
In right $\triangle PAO$, $PA = \sqrt{OP^{2} - r^{2}} = \sqrt{4^{2} - 2^{2}} = \sqrt{12} = 2\sqrt{3}$.
Step 3: Calculation
Area of $\triangle PAO = \frac{1}{2} \times PA \times r = \frac{1}{2} \times 2\sqrt{3} \times 2 = 2\sqrt{3}$.
Area of Quad PAOB $= 2 \times Area(\triangle PAO) = 4\sqrt{3}$.
Step 4: Conclusion
Hence, the area is $4\sqrt{3}$ sq. units.
Final Answer: (C)