Tanganyika Oil Company Ltd
TYK
Shares issued 14,649,550
1999-06-22 close $1.6
Wednesday Jun 23 1999
Mr. Edward Molnar reports
Tanganyika Oil Company has commenced its drilling program on the West Gharib
Block, onshore Gulf of Suez, with the spudding of the Hana-1 test well. Upon
completion and testing of the Hana-1 well (within four to five weeks), the EDC
No. 17 rig will relocate to drill the Farha-1 prospect 15 kilometres to the
southwest of Hana-1. Both wells will be drilled to a total depth of approximately
6,000 feet, with the Miocene Rudeis Sand as the primary target.
In 1998 the Rueis Sand yielded two major offshore discoveries by Amoco and
Pennzoil that tested 18,880 and 6,000 barrels of oil per day, respectively. The
new Amoco field, SG310, is currently producing 25,000 barrels of oil per day.
The West Gharib Block (630,000 acres) is within the prolific Gulf of Suez rift
basin, which holds six billion barrels of reserves and produces 800,000 barrels of
oil per day. The company's current exploration program is based on extensive
geological and geophysical studies resulting from a 2-D and 3-D seismic program
conducted last summer. Several additional prospects and leads have been
confirmed for future evaluation. |
