Tanganyika Oil Company Ltd.

Tanganyika Oil Company Ltd.

January 06, 2005 12:08 ET

Tanganyika Oil Company Ltd.: Fadl-1 Well Reaches Total Depth


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TANGANYIKA OIL COMPANY LTD.

TSX VENTURE SYMBOL: TYK

JANUARY 6, 2005 - 12:08 ET

Tanganyika Oil Company Ltd.: Fadl-1 Well Reaches Total
Depth

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 6, 2005) - Tanganyika
Oil Company Ltd. (the "Company" or "Tanganyika") (TSX VENTURE:TYK)(NYA
MARKNADEN:TYKS) is pleased to announce that the Fadl-1 exploration well
in Egypt has reached total depth of 5612 feet and will undergo testing
using a PC pump in the coming two weeks. Fadl-1 is the first of a two
well exploration program on the Company's West Gharib concession and is
located approximately 9.2 km southwest of the Hana field.

Fadl-1 targeted the Upper and Lower Rudeis sandstone reservoirs similar
to the nearby West Bakr M and K fields operated by the Japanese group
Epedeco since 1982. The West Bakr M field has produced to date 6.5
million barrels since 1991 and the K field has produced to date 26
million barrels since 1984 and both currently produce 4000 bopd.

The ZJ45 rig is currently being mobilized to the next location,
Hoshia-1, which is planned to be drilled to a depth of 4500 feet
targeting the Nubia sandstone reservoir with possible shallower targets
in the Lower Miocene Nukhul and Rudeis sandstone, Cretaceous sandstone
and Eocene limestone reservoirs. The Hoshia-1 well will be located
approximately 14.5 km northwest of the Hana field.

The Company has a 45% working interest in the West Gharib concession and
70% working interest in the Hana field production.

Tanganyika Oil is a Canadian oil and gas company with production and
exploration assets in Egypt and Syria. Its shares are traded on the TSX
Venture Exchange and Swedish Depository Receipts trade on the Nya
Marknaden of the Stockholm Stock Exchange.

ON BEHALF OF THE BOARD

Lukas H. Lundin, President

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Tanganyika Oil Company Ltd.
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)
    Website: www.tanganyikaoil.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.