Tanganyika Oil Company Ltd. Announces Oil Sales Underway From Hana Field
Tuesday January 4, 9:24 am Eastern Time
Company Press Release
VANCOUVER, BRITISH COLUMBIA--TANGANYIKA OIL COMPANY LTD. is pleased to announce the commencement of oil sales effective December 29, 1999 from the Hana field, onshore Gulf of Suez, Egypt. Deliveries by tanker truck to the Bakr South storage and export terminal are expected to initially average 3,000 barrels of oil per day. Please see attached map.
An initial program to drill three additional development wells in the Hana field will commence in the first week of January, 2000. This program is expected to boost oil sales above 6,000 barrels of oil per day in the first quarter of 2000.
Permanent field processing and storage facilities and an 11 kilometer oil sales line designed to handle daily production of up to 20,000 barrels are currently being tendered and should be commissioned by mid-year, 2000.
Tanganyika Oil Company Ltd., through its wholly owned subsidiary, Dublin International Petroleum (Egypt) Limited, is the operator of the West Gharib Block, holding a 50% interest. Drucker Petroleum Inc., a wholly owned subsidiary of Drucker Industries Inc. [OTC BB:DKIN.OB - news], holds a 20% interest and GHP Exploration (West Gharib) Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Corp. holds the remaining 30% interest.
ON BEHALF OF THE BOARD Edward L. Molnar, President
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