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Gold/Mining/Energy : TransAtlantic Petroleum Corp (TNP.U - was Profco) -- Ignore unavailable to you. Want to Upgrade?

To: Ed Pakstas who wrote (266)	11/23/1999 2:13:00 PM
From: briak	Read Replies (1) \| Respond to of 270

TransAtlantic Petroleum Corp - Tanganyika and TransAtlantic to begin Hana production TransAtlantic Petroleum Corp TNP.U Shares issued 67,509,092 1999-11-22 close $0.19 Tuesday Nov 23 1999 See Tanganyika Oil Company Ltd (TYK) News Release Mr. Edward Molnar reports The Egyptian General Petroleum Corporation has granted commerciality status and approved a development plan for the Hana oil discovery on the West Gharib block, onshore Gulf of Suez, Egypt. With this approval, the company will begin production operations immediately through temporary facilities. Crude oil produced from the Hana-1 and Hana-2 wells is expected to average 4,000 barrels per day and will be trucked some 15 kilometres to the Bakr South shipping terminal, operated by the General Petroleum Corporation. Permanent storage/process facilities and an eight-inch, 11-kilometre pipeline designed to handle over 20,000 barrels of oil per day, are expected to be commissioned by May, 2000. The EDC rig No. 17 is contracted to drill three additional development wells commencing in early January, 2000, which will further boost production in the first quarter. Additional producers and pressure maintenance injection wells are planned for later in the first half of next year. The Hana oil discovery is believed to be typical of a number of oil pools expected to be found in the future on the vast West Gharib block. Exploration activities will be augmented with an extensive geophysical program encompassing 310 square kilometres of 3-D seismic, to commence before year-end, 1999. Subsequent drilling is planned for the second half of next year. Tanganyika Oil Company, through its wholly owned subsidiary, Dublin International Petroleum (Egypt) Limited, is the operator of the West Gharib block, holding a 50-per-cent interest. Drucker Petroleum Inc., a wholly owned subsidiary of Drucker Industries Inc., holds a 20-per-cent interest and GHP Exploration (West Gharib) Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Corp., holds the remaining 30-per-cent interest. (c) Copyright 1999 Canjex Publishing Ltd. canada-stockwatch.com old url (better for printing)