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

To: Tomas who wrote (279)	4/25/2000 8:14:00 PM
From: Greywolf	Read Replies (1) \| Respond to of 500

Hana 5 & 6, are soon to be drilled. The production level is well on the way to the 15000 bopd and this should be attained by years end...

To: Tomas who wrote (279)	5/15/2000 12:34:00 PM
From: Tommaso	Read Replies (3) \| Respond to of 500

What do you think of this, Tomas? Subject: Tanganyika Lands Mega Oil Development Project in N.E. Syria Date: Mon, 15 May 2000 10:37:17 -0400 From: CCN_HOTW@cdn-news.com To: CCN_HOTW@cdn-news.com =================================================================== Canadian Corporate News --- Hot Off The Wire =================================================================== ------------------------------------------------------------------- E*TRADE Canada Don't make your investment decisions site unseen. Sign-up for a free trial membership: www2.cdn-news.com Someday we'll all invest this way. ------------------------------------------------------------------- NEWS RELEASE TRANSMITTED BY CCN - A NEWSWIRE SERVICE OF ITG FOR: TANGANYIKA OIL COMPANY LTD. CDNX SYMBOL: TYK MAY 15, 2000 Tanganyika Lands Mega Oil Development Project in N.E. Syria VANCOUVER, BRITISH COLUMBIA--Tanganyika Oil Company Ltd. (the "Company") is pleased to announce that it has reached an agreement with the Government of the Syrian Arab Republic granting Tanganyika exclusive rights to a major oil concession in northeastern Syria. The Oude Development Block encompasses 403 square kilometers (100,000 acres) which contain a producing oil field discovered by the state-owned Syrian Petroleum Company ("SPC") in the late 1970's. (See attached map.) The field was partially developed with 41 wells, drilled using outdated technology. Presently, 17 wells are producing approximately 2,000 barrels of oil per day and 27 Mmcf of gas per day. This agreement provides Tanganyika exclusive rights to develop this unexploited field and share ownership in the incremental oil produced. The geological feature defining the Oude Field consists of three carbonate reservoirs ranging in depth from 1,100 to 2,200 meters. Mapping, based on extensive well control, estimates total hydrocarbon volumes at greater than 2.0 billion barrels of oil and 700 billion cubic feet of gas. Interpretation of a newly acquired 3D seismic survey over the Field will further validate the size of these reservoirs. In the initial phase of the project, the Company will immediately conduct feasibility studies and pilot tests to determine the optimal drilling technology and enhanced recovery schemes, such as horizontal producers assisted with gas injection. On the basis of these field trials, Tanganyika has the opportunity to implement a full-scale development program aimed at efficiently recovering these world-class reserves over a period of 25 years. The Company will have full use of existing facilities and has been guaranteed access to markets through the pipeline system currently transporting crude to a Mediterranean terminal. The Oude Development Project is the first venture where the Syrian Government has granted a foreign company exclusive rights to exploit a state-owned producing oil field. This agreement is viewed as a major achievement and will serve as a model joint venture initiative between the Syrian Government and private enterprise. ON BEHALF OF THE BOARD Edward L. Molnar, President NOTE: Location map available from the company at the number(s) listed below or on the CCN Disclosure website at www.cdn-news.com -30- FOR FURTHER INFORMATION PLEASE CONTACT: Tanganyika Oil Company Ltd. Edward L. Molnar President (403) 234-8199 or Tanganyika Oil Company Ltd. Hanna Clark Executive Assistant (403) 234-8199 or Tanganyika Oil Company Ltd. Sophia Shane Corporate Development (604) 689-7842 The Canadian Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. INDUSTRY: OIS SUBJECT: OEX -0- =================================================================== You may change your service options at anytime by visiting: cdn-news.com ===================================================================