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

To: Greywolf who wrote (315)	11/3/2000 11:39:23 AM
From: Greywolf	Read Replies (1) \| Respond to of 500

DRILL RIG ARRIVES AT SITE IN TANZANIA November 3, 2000 (TYK - CDNX) ... Tanganyika Oil Company Ltd. (the "Company") is pleased to announce that the fully dedicated 6,200 ton freighter, M/V Finland, has arrived at the port of Kilwa on the Tanzania coast. The drill rig, equipment and other supplies are being offloaded and mobilized by truck to the drill site. The drill site location is prepared and final leveling of the substructure footprint is nearing completion. The camp is 100% rigged in and radio and satellite communications are operational. The crew are currently drilling water wells at the site and at the camp. The first of two back-to-back oil exploration wells is expected to spud by mid-November. The first well, the Mbate-1, will be drilled to an approximate total depth of 8,000 feet with the Middle Jurassic sands as the primary hydrocarbon target. A second well, Mita Alpha-1, will immediately follow. This upcoming exploration campaign on the Mandawa concession is an exciting program of world class potential. A successful drilling program would result in the discovery of a whole new hydrocarbon province. The 1.25 million acre Mandawa concession encompasses a Jurassic rift basin and numerous promising structures have been identified on the concession below a thick salt layer. Previous exploration by the Company provided evidence of the existence of light reservoir oil as well as the presence of thick, reservoir quality Jurassic sands. The characteristics of the Mandawa project are similar to some of the largest oil producing regions in East Africa and Arabia including, Yemen (3 billion barrels), Gulf of Suez (6 billion barrels) and Sirte (29.5 billion barrels). Tanganyika Oil Company Ltd. holds a 75% interest and is the operator of the project. Energy Africa Tanzania Limited will participate and earn the remaining 25% through a farmout agreement. ON BEHALF OF THE BOARD "Edward L. Molnar" President