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

To: Tomas who wrote (308)	10/16/2000 10:45:54 AM
From: Greywolf	Read Replies (1) \| Respond to of 500

Tanganyika Plans Aggressive Exploration And Development On West Gharib Block, VANCOUVER, BRITISH COLUMBIA--Tanganyika Oil Company Ltd. (the ``Company'') is pleased to announce that it has completed a 400 square kilometer 3D seismic acquisition program over a portion of the prospective lands in the 2,530 square kilometre West Gharib Block, Gulf of Suez Basin, Egypt. The processing and interpretation of these data will be completed by year end. A multi-well exploration program will be conducted in 2001 to evaluate several of the numerous large drilling prospects validated by this 3D program. Please see attached map. The initial exploration well drilled in 1999 by Tanganyika (50%) and its partners in the West Gharib Block was based on 3D seismic interpretation. This initiative resulted in the discovery of the Hana field which contains an estimated 40 million barrels of oil-in-place. As part of the on-going Hana field development plan, the Company plans to spud the Hana-7 and Hana-8 wells in November of this year. Both wells will be drilled as infill producers. Additional producers will be drilled early next year. To date, six wells have been successfully drilled in the field and are currently producing an average of 2,000 barrels of oil per day. In early 2001, several waterflood pressure maintenance wells will be drilled which will substantially boost sustainable production rates from current levels. 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., holds a 20% interest and GHP Exploration (West Gharib) Ltd., a wholly owned subsidiary of TransAtlantic Petroleum Corp. holds the remaining 30% interest.