Tanganyika Oil Company Ltd.

Tanganyika Oil Company Ltd.

October 31, 2008 10:00 ET

Sinopec Launches Take-Over Bid for Tanganyika Oil Company Ltd.

BEIJING, THE PEOPLE'S REPUBLIC OF CHINA--(Marketwire - Oct. 31, 2008) - Tanganyika Oil Company Ltd. (TSX:TYK)(OMX:TYKS) -

Sinopec International Petroleum Exploration and Production Corporation announced today that its indirect, wholly-owned subsidiary, Mirror Lake Oil and Gas Company Limited ("Mirror Lake"), has officially made an offer (the "Offer") to purchase all of the issued and outstanding common shares in the capital of Tanganyika Oil Company Ltd. ("Tanganyika") at a price of C$31.50 per share, including all the common shares which may become outstanding upon the exercise of outstanding stock options or which are represented by Swedish Depositary Receipts.

The Offer is open for acceptance until 10:00 a.m. (Calgary time) on December 5, 2008, unless withdrawn or extended. The Offer is subject to certain conditions, including acceptance of the Offer by holders of at least 66 2/3 percent of the outstanding common shares of Tanganyika, calculated on a fully diluted basis, and receipt of all required regulatory approvals, including all required approvals from the government of The People's Republic of China.

The Offer documentation was mailed to registered holders of Tanganyika common shares, options and Swedish Depositary Receipts after market close on October 30, 2008. The take-over bid circular of Mirror Lake and related materials and the directors' circular of Tanganyika are available for review on SEDAR at www.sedar.com. Holders of Tanganyika Swedish Depositary Receipts can review the materials mailed to them regarding the Offer on www.ohman.se.

This news release is for informational purposes only and is not an offer to buy or the solicitation of an offer to sell any securities. The solicitation and the offer to buy common shares of Tanganyika is made only pursuant to the take-over bid circular and related materials that have been filed on SEDAR on October 30, 2008. Tanganyika shareholders and other investors should read these materials carefully because they contain important information, including the terms and conditions of the offer.

Contact Information

  • Sinopec International Petroleum Exploration and Production Corporation
    Mr. Handong Rui
    Email: hdrui@sipc.cn
    Nomura International (Hong Kong) Limited
    Mr. Wayne Yue
    Email: wei.yue@nomura.com
    Georgeson Shareholder Communications Canada Inc.
    North American Toll Free: 1-866-717-8272
    European Toll Free: 00 800 2667 8828
    European Collect: +44 (0)117 378 8097
    E. Ohman J:or Fondkommission AB
    08 402 51 32
    FAX: 08 402 51 30