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 (311)	10/24/2000 11:10:33 AM
From: Tomas	Respond to of 500

South Africa's Energy Africa to Invest in Tanzania Oil Exploration By Jonathan Rosenthal Cape Town, Oct. 24 (Bloomberg) -- Energy Africa Ltd., a Cape Town, South Africa-based oil exploration company, said it will invest about $1.5 million oil exploration in Tanzania. The company has taken an option to acquire 25 percent of the Mandawa exploration property from Dublin International Petroleum Ltd. Energy Africa's initial investment will help drill a well in an area in the southeast of the country where previous exploration has failed to find oil. The field is about 250 miles south of Dar es Salaam. ``There have been very few wells drilled but a couple have had very good oil shows,'' said Adrian Nel, Energy Africa's technical director. ``In a frontier area if you think you have a 20 percent chance of success that's good.'' Several of the world's biggest oil companies have said they are interested in exploring for oil in Tanzania, though most have focused their efforts on the deep waters off the coast. Energy Africa shares gained 20 cents, or 0.9 percent, to 21.8 rand. This year their shares have gained 41.5 percent, beating a 10.6 percent rise in the Johannesburg Chemical and Oil Index. quote.bloomberg.com

To: Greywolf who wrote (311)	10/24/2000 11:11:06 AM
From: Greywolf	Read Replies (1) \| Respond to of 500

Tanganyika Mobilizes For Exploration Program In Tanzania With New Partner VANCOUVER, BRITISH COLUMBIA--Tanganyika Oil Company Ltd. (the ``Company'') is pleased to announce that a program has been approved and is underway to drill a minimum of two test wells back-to-back on the 1.25 million acre Mandawa Concession in southern Tanzania. The Egyptian Chinese Drilling Company Rig No. 1 (1,500 horsepower capacity) and all other equipment, supplies and services have been loaded aboard the fully dedicated 6,200 ton M/V Finland at a port in the Gulf of Suez and is currently en route to Tanzania. The Company plans to first drill the Mbate-1 well to a depth of approximately 8,000 feet with the Middle Jurassic sands as the primary hydrocarbon target. The Mbate-1 well is expected to spud in mid-November of this year and will be immediately followed by the Mita Alpha-1 well. Please see attached map. The exploration prospects being evaluated in this drilling campaign were generated from critical information gained from the 1996/97 two-well drilling program and validated with an 160 kilometer infill seismic program and geochemical survey acquired in late 1999. Tanganyika's previous exploration initiatives provided evidence of the existence of light reservoir oil in the Mandawa Basin as well as the presence of thick, reservoir quality Jurassic sands. Numerous structures have been identified below the thick Jurassic salt layer. Tanganyika Oil Company Ltd. retains a 75% interest and is operator of the project. Energy Africa Tanzania Limited, (``Energy Africa''), a wholly owned subsidiary of Energy Africa Limited, will participate and earn a 25% interest in the Mandawa Concession through a farmout agreement. Energy Africa is an international oil and gas exploration and production company headquartered in Cape Town, South Africa. ON BEHALF OF THE BOARD Edward L. Molnar, President