This gets better and better..
Tanganyika Oil Announces Hana Production Tops 150,000 Barrels
VANCOUVER, BRITISH COLUMBIA--Tanganyika Oil Company Ltd. (the ``Company') is pleased to announce that, to date, the Company has produced and delivered
more than 150,000 barrels of oil to market from its Hana Field, onshore Egypt, since start up on December 29, 1999. Of the four Hana wells drilled, two are on production so
far and crude oil is being delivered to an oil handling terminal on the Gulf of Suez by truck. Both commercial wells, Hana-1 and Hana-2 are currently producing at restricted
rates and total daily production averages 2,000 barrels. The Company is continuing to develop the Hana Field, having recently successfully completed the Hana-3 and Hana-4
wells. These wells, when placed on production, are expected to boost field wide production by another 2,000 barrels of oil per day. The Hana-5 well is currently drilling and will
be immediately followed by Hana-6. Permanent treating, handling and pipeline facilities are being constructed in the Hana Field and expect to be commissioned later this 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. |
