FIELD ACTIVITIES / Tanganyika Oil Co Egyptian Seismic Program
Commences
TANGANYIKA OIL COMPANY LTD.
VSE SYMBOL: TYK
JUNE 25, 1998
Tanganyika Oil: Egyptian Seismic Program Commences
CALGARY, ALBERTA--Tanganyika Oil Company Ltd. is pleased to
announce that its wholly owned subsidiary, Dublin International
Petroleum (Egypt) Limited, has commenced a seismic acquisition
program in the West Gharib Block, onshore Gulf of Suez, Egypt.
The survey, consisting of 240 kilometers of 2D and 35 square
kilometers of 3D seismic, is designed to further delineate 9
prospects and leads identified from existing data and to evaluate
other unexplored lands in the concession.
Tanganyika is encouraged by recent discoveries in the Gulf of Suez
announced by Amoco and Pennzoil which flowed 18,800 BOPD and 6,000
BOPD respectively, both from the Miocene Rudeis Sand, being the
primary reservoir target throughout the basin. These discoveries,
located within 10 kilometers of the West Gharib Block, attest to
the effectiveness of state-of-the-art geophysics in a mature but
complex basin.
The West Gharib Block, which was granted effective June 1, 1998,
is the largest concession awarded in the Gulf of Suez basin,
encompassing 2,530 square kilometers (630,000 acres). The
interests of Tanganyika's partners in the concession, GHP
Exploration Ltd. (30 percent) and Drucker Petroleum Ltd. (20
percent), are held in trust until a deed of assignment is approved
by the Egyptian government.
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