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

To: Greywolf who wrote (268)	2/15/2000 2:54:00 PM
From: Greywolf	Read Replies (1) \| Respond to of 500

Three Well Development Program Commences On Hana Field, Egypt, VANCOUVER, BRITISH COLUMBIA--Tanganyika Oil Company Ltd. (the ``Company') is pleased to announce that on February 14, 2000 a three well development program commenced in the Hana Field of the West Gharib Block in the Gulf of Suez Basin, Egypt. The first two wells, Hana-3 and Hana-4 will be drilled as Miocene development oil wells to a depth of approximately 5,000 feet. The third well, Hana-5 will also be drilled and cased across the producing Miocene Sand but deepened to test the prolific Nubia formation at a depth of 9,000 feet. The Nubia is the primary oil producing horizon in the Gulf of Suez and as yet untested in the Hana Field. Last year's discovery well, Hana-1, encountered a net oil pay section of 60 feet, while the appraisal well, Hana-2, yielded 76 feet of net pay, both in the Miocene Kareem Sand. Commercial production from the Hana Field commenced on December 29, 1999 with oil being trucked to the Bakr South storage and export terminal. Presently, Hana-2 is producing at a controlled rate of 1,650 barrels of 26 degrees API crude oil per day. The Hana-1 well is awaiting the installation of enhanced pumping equipment and total expected production, when both wells are on stream, is expected to average 2,600 to 3,000 barrels per day. Permanent oil treating and field storage facilities are being constructed in the Hana Field, along with an 11 kilometer, 8 inch pipeline. When completed by late spring, these facilities will be capable of processing 10,000 to 15,000 barrels of oil per day with the pipeline capable of transporting 20,000 barrels per day. An extensive 3D seismic program is planned over a large portion of the West Gharib Block to further validate prospects identified by the 2D program conducted in 1998 and through reprocessing of historical seismic records. This program is expected to commence in the second quarter of 2000 with subsequent exploratory drilling in the latter part of the year. 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. [OTC BB:DKIN.OB - news], holds a 20% interest and GHP Exploration (West Gharib) Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Corp. holds the remaining 30% interest.