Hana-7 Well in Production, Hana-8 Well
Spudded
VANCOUVER, BRITISH COLUMBIA--(TYK - CDNX) Tanganyika Oil Company Ltd. (the ``Company'') is pleased to announce that the Hana-7 well in Egypt
has been successfully completed and placed on production. The well tested at approximately 1,500 barrels of oil per day (bopd). Average daily production from the
Hana Field is now over 3,300 bopd. Hana-7, drilled as a development well, encountered 62 feet of net sand pay in the Kareem formation.
An additional development well, Hana-8, has recently spudded and is expected to reach total depth of 4,900 feet in approximately 20 days. Both Hana-7 and
Hana-8 constitute the initial phase of a multi-well development and pressure maintenance drilling program in the Hana Field and these initiatives are expected to
substantially boost sustainable field production.
Cumulative net oil production to date from the Hana Field exceeds 622,000 barrels. The Hana Field has been generating steady cash flow in excess of US$350,000
per month, net to Tanganyika. Cash flow is expected to significantly increase with the added production from Hana-7 and further development drilling.
The processing and interpretation of 3D data from the 400 square kilometer seismic acquisition program is nearing completion. A multi-well exploration program will
be conducted next year to evaluate several of the drilling prospects validated by this 3D program.
Additional details of Tanganyika's activities can be found on our newly launched website at www.tanganyikaoil.com for additional details.
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 |
