Tanganyika Oil Company Ltd.

Tanganyika Oil Company Ltd.

November 24, 2006 11:19 ET

Tanganyika Announces Cdn $95.4 Million 'SEK 582 Million' Private Placement

CALGARY, ALBERTA--(CCNMatthews - Nov. 24, 2006) - Tanganyika Oil Company Ltd. (the "Company") (TSX VENTURE:TYK)(FIRST NORTH:TYKS) is pleased to announce that it has agreed to sell, on a non-brokered, private placement basis, up to an aggregate of 6 million common shares of the Company at a price of CDN $15.91 (SEK 97 at exchange rate of 6.0979) per share for gross proceeds of up to CDN $95.4 million (SEK 582 million). A 3.5% finders fee may be payable on a portion of the private placement. Net proceeds of the private placement will be used towards development of the Company's oil and gas assets in Syria as well as for general corporate purposes. The shares issued pursuant to the private placement will be subject to a four month hold period. The private placement is subject to regulatory approval.

Tanganyika Oil Company Ltd. 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 under the symbol TYK and its Swedish Depository Receipts trade on First North, Stockholm (previously Nya Marknaden of the Stockholm Stock Exchange) under the symbol "TYKS".

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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