Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : TYK (VSE) Tanganyika Oil -- Ignore unavailable to you. Want to Upgrade?

To: Greywolf who wrote (219)	9/20/1999 10:15:00 AM
From: Flea	Respond to of 500

Tanganyika Oil successfully drills Hana-2 appraisal well Tanganyika Oil Company Ltd TYK Shares issued 14,649,550 Sep 17 close $1.75 Mon 20 Sept 99 News Release Mr. Edgar Molnar reports Tanganyika Oil Co. Ltd.'s Hana-2 appraisal well has been successfully drilled to a total depth of 5,459 feet and cased as a Miocene Kareem Sand oil well. This well was drilled as a step-out to the Hana-1 oil discovery on the West Gharib Block, Egypt, which was announced earlier this summer. The top of the pay zone was encountered 73 feet higher than in the Hana-1 well, and the entire Kareem (Upper Markha Member) is oil-bearing with an estimated 76 feet of net pay (21 per cent porosity) over a gross interval of 146 feet. The well is currently being completed and will undergo extensive testing to determine productivity and reservoir characteristics. By comparison, the Hana-1 well encountered an estimated 60 feet of net pay and produced at a rate of 568 barrels of oil per day (25.8 degrees API) from only 20 feet of perforations at the top of the pay interval. The higher structural position and thicker contiguous pay section of the Hana-2 well enhances the interpretive scope and size of the Hana oil field. The company is planning additional development drilling later this year. A major shipping terminal is situated within five miles of this discovery, and plans are under way to commence production operations as soon as possible. Tanganyika Oil Company Ltd., through its wholly owned subsidiary, Dublin International Petroleum (Egypt) Ltd., 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