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Gold/Mining/Energy : TYK (VSE) Tanganyika Oil

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To: Greywolf who wrote (311)	10/24/2000 11:10:33 AM
From: Tomas	of 500

South Africa's Energy Africa to Invest in Tanzania Oil Exploration By Jonathan Rosenthal Cape Town, Oct. 24 (Bloomberg) -- Energy Africa Ltd., a Cape Town, South Africa-based oil exploration company, said it will invest about $1.5 million oil exploration in Tanzania. The company has taken an option to acquire 25 percent of the Mandawa exploration property from Dublin International Petroleum Ltd. Energy Africa's initial investment will help drill a well in an area in the southeast of the country where previous exploration has failed to find oil. The field is about 250 miles south of Dar es Salaam. ``There have been very few wells drilled but a couple have had very good oil shows,'' said Adrian Nel, Energy Africa's technical director. ``In a frontier area if you think you have a 20 percent chance of success that's good.'' Several of the world's biggest oil companies have said they are interested in exploring for oil in Tanzania, though most have focused their efforts on the deep waters off the coast. Energy Africa shares gained 20 cents, or 0.9 percent, to 21.8 rand. This year their shares have gained 41.5 percent, beating a 10.6 percent rise in the Johannesburg Chemical and Oil Index. quote.bloomberg.com

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