Success In Egypt Continues With Hana 4 Stepout Well
VANCOUVER, BRITISH COLUMBIA--Tanganyika Oil Company Ltd. (the ``Company') is pleased to announce that it has successfully drilled and
completed a fourth well on its West Gharib Concession, Gulf of Suez Basin, Egypt.
The Hana-4 well was cased as a potential Kareem Sand oil producer, encountering a net oil pay section of 60 feet with the top of the sand at 4,830 feet.
Productivity from this well is expected to be comparable to the Hana-2 well which produces steadily at 1,500 barrels of oil per day.
The Hana-4 stepout extends the proven (drilled) limits of the Hana reservoir by one kilometer to the southeast, and further validates the ultimate reservoir volume interpreted from 3D seismic
(see attached map). This is the fourth consecutive well to be drilled successfully on the Hana structure. Two additional wells will be drilled immediately in this development phase.
Upon completing the current program, it is anticipated that Hana Field production will be increased to over 5,000 barrels of oil per day. Additional development drilling, scheduled for later this
summer, will further boost production.
As announced previously, plans are underway to install permanent treating, handling and pipeline facilities capable of processing 15,000 barrels of oil per day. These facilities are expected to
be commissioned later in the year.
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., holds a 20% interest and GHP Exploration (West Gharib) Ltd., a wholly owned subsidiary of TransAtlantic Petroleum
Corp. holds the remaining 30% interest. |
