Ellegrove Capital Ltd.

October 13, 2006 20:25 ET

Ellegrove Capital Ltd.: Press Release

ST. MICHAEL, BARBADOS--(CCNMatthews - Oct. 13, 2006) - Ellegrove Capital Ltd. ("Ellegrove"), a Barbados resident company, through its joint actor, announces that it has acquired 1,000,000 common shares of Tanganyika Oil Company Ltd. ("Tanganyika") represented by 1,000,000 SDRs (Swedish Depository Receipts) and the shares were acquired through the facilities of First North, Stockholm, Sweden.

As a result of this acquisition, Ellegrove together with its joint actors, hold as at the date hereof, an aggregate of 8,189,007 common shares which aggregate holdings represent approximately 16.56% of the issued and outstanding shares of Tanganyika.

Ellegrove and its joint actors acquired the securities of Tanganyika for investment purposes only and not for the purpose of influencing control or direction over Tanganyika. Ellegrove and its joint actors will, however, review its holdings in Tanganyika from time to time and may increase or decrease its position as future circumstances dictate.

Ellegrove is owned by a trust whose settlor is the late Mr. Adolf H. Lundin.

ELLEGROVE CAPITAL LTD.

Authorized Representative

Contact Information

  • Ellegrove Capital Ltd.
    Aksel Azrac
    +41 22 708 33 13