Tanganyika Oil Company Ltd.

Tanganyika Oil Company Ltd.

December 02, 2008 02:38 ET

Tanganyika Reiterates Its Support for Sinopec Offer

CALGARY, ALBERTA--(Marketwire - Dec. 2, 2008) - The Board of Directors of Tanganyika Oil Company Ltd. ("Tanganyika" or the "Company") (TSX:TYK)(OMX:TYKS) today reiterated its support for the bid made by Sinopec International Petroleum Exploration and Production Corporation ("Sinopec") for all of Tanganyika's issued and outstanding common shares (including common shares represented by Swedish Depositary Receipts) at a price of $31.50 per common share (the "Offer"). Sinopec has announced that it intends to extend the expiry date of the Offer to 12:01 p.m. (Calgary Time) on December 19, 2008 in order to allow additional time to obtain the approvals required from the Government of the People's Republic of China in order to complete the Offer.

The Board strongly encourages shareholders to make arrangements for their Shares to be tendered to the Offer well before December 19, 2008 in order to ensure that the minimum condition that 66 2/3% of the issued and outstanding common shares on a fully diluted basis have been tendered to the bid is met on December 19, 2008.

Management of Tanganyika is actively engaged with the Sinopec transition team developing plans aimed at ensuring the post-closing transition is completed without disruption to Tanganyika's ongoing business activities in Syria.

About Tanganyika

Tanganyika Oil Company Ltd. is a Canada-based oil and gas company focused on its properties in Syria. The Company holds operating interests in two Syrian production sharing agreements covering the Oudeh Block and the Tishrine and Sheik Mansour Blocks. During the first half of 2008, the average gross field production was 16,670 barrels of oil per day ("bopd") (Company net production 6,025 bopd). Tanganyika's shares are traded on the TSX under the symbol "TYK" and its Swedish Depository Receipts trade on the OMX Nordic Exchange under the symbol "TYKS".

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