NEWS RELEASE TRANSMITTED BY CCN - A NEWSWIRE SERVICE OF ITG
FOR: TANGANYIKA OIL COMPANY LTD.
CDNX SYMBOL: TYK
NOVEMBER 9, 2000 - 09:40 EST
Tanganyika Completes Seventh Well in the Hana Field,
Egypt
VANCOUVER, BRITISH COLUMBIA--Tanganyika Oil Company Ltd. (the
"Company") is pleased to announce that it has successfully drilled
and completed a seventh well in the Hana field, Gulf of Suez,
Egypt. Please see attached map. Additional details of
Tanganyika's activities can be found on the Company's newly
launched website at www.tanganyikaoil.com.
Hana-7, drilled as a development well, encountered 62 feet of net
sand pay in the Kareem formation. The top of the sand, at 4,806
feet, is in the most favourable and highest position of the Hana
reservoir.
Upon completing Hana-7 as an oil producer, the rig will
immediately commence with the drilling of the Hana-8 well.
The successful completion of these two additional producers will
substantially boost field capacity above the current level of
2,000 barrels of oil per day.
The Hana-7 and Hana-8 development wells constitute the initial
phase of a multi-well development and pressure maintenance
drilling program scheduled to be completed in early 2001.
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.
ON BEHALF OF THE BOARD
Edward L. Molnar, President
NOTE: Location map available from the company at the number(s)
listed below or on the CCN Disclosure website at www.cdn-news.com
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FOR FURTHER INFORMATION PLEASE CONTACT:
Tanganyika Oil Company Ltd.
Edward L. Molnar
President
(403) 234-8199
or
Tanganyika Oil Company Ltd.
Hanna Clark
Executive Assistant
(403) 234-8199
or
Tanganyika Oil Company Ltd.
Sophia Shane
Corporate Development
(604) 689-7842
Website: www.tanganyikaoil.com
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
INDUSTRY: OIS
SUBJECT: OEX
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