Tanganyika Oil Company Ltd.

Tanganyika Oil Company Ltd.

July 15, 2005 09:30 ET

Tanganyika Announces Change in Fiscal Year End and Reporting Currency

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 15, 2005) - Tanganyika Oil Company Ltd. (TSX VENTURE:TYK)(NYA MARKNADEN:TYKS) (the "Company" or "Tanganyika") announces that the Board of Directors have approved a change in the fiscal year end from May 31 to December 31 and a change in the reporting currency from Canadian dollars to U.S. dollars.

Having the company's financial year end coincide with the calendar year end will facilitate and streamline internal and external planning, budgeting and external financial reporting. The company will be providing all reporting and disclosure for the current May 31 year end in addition to the disclosure for the new year end December 31.

The company will be updating the year end reserves under the NI 51-101 guidelines for the Hana Field in Egypt and the Oudeh Field in Syria, effective May 31 which will be included in the May 31 year end financial and annual reports. Under the new year end reporting change, the next quarterly report will be for the period ending September 30, 2005.

The company anticipates having completed the earning requirements (workover of 3 wells) for the Tishrin/Sheikh Mansour contract in Syria and to have received development-lease approval for Hoshia, West Hoshia, Fadl and South Rahmi in Egypt between May 31 and December 31. Also, there will be additional wells and production information available at Oudeh and Hana. All of these additional fields, along with Oudeh and Hana, will be updated under the NI 51-101 guidelines for the year end December 31 reporting.

The fiscal year end and reporting currency change are subject to regulatory approval.

Certain statements in this press release are forward-looking statements. Specifically, this press release contains forward-looking statements relating to management's approach to operations, estimates of future sales, production and deliveries, business plans for drilling and development, estimated amounts and timing of capital expenditures, anticipated operating costs, royalty rates, cash flows, transportation plans and capacity, anticipated access to infrastructure or other expectations, beliefs, plans, goals, objectives, assumptions and statements about future events or performance. The reader is cautioned that the assumptions used in the preparation of such information, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. Such factors include, but are not limited to: general economic, market and business conditions; industry capacity, competitive action by other companies, fluctuations in oil and gas prices; the results of exploration and development drilling and related activities; the uncertainty of estimates and projections relating to production, costs and expenses; uncertainties as to the availability and cost of financing; fluctuations in currency exchange rates; the imprecision in reserve estimates; risks associated with oil and gas operations, such as operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; the weather in the Company's area of operations; the ability of suppliers to meet commitments; changes in environmental and other regulations; actions by governmental authorities including changes in laws and increases in taxes; decisions or approvals of administrative tribunals; risks in conducting foreign operations (for example, political and fiscal instability or possibility of civil unrest or military action); the effects of acts of, or actions against international terrorism; and other factors, many of which are beyond the control of the Company. There is no representation by the Company that the actual results achieved during the forecast period will be the same in whole or in part as those forecast.

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.


Gary S. Guidry, President and C.E.O.

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

Contact Information

  • Tanganyika Oil Company Ltd.
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)