Tanganyika Oil Company Ltd.
TSX VENTURE : TYK

Tanganyika Oil Company Ltd.

November 09, 2006 17:56 ET

Tanganyika Corporate Update

CALGARY, ALBERTA--(CCNMatthews - Nov. 9, 2006) - Tanganyika Oil Company Ltd. ("Tanganyika" or the "Company") (TSX VENTURE:TYK)(FIRST NORTH:TYKS) reports that in view of regulatory policy as to Board composition and independence pending the Company's application for an O-listing on the Stockholm Stock Exchange, Mr. Mamdouh Nagati has volunteered to resign from Tanganyika's Board of Directors effective as of November 8, 2006. Mr. Nagati will retain his pivotal role as Executive Vice President of Tanganyika and General Manager of operations in Egypt. As one of the founders of Tanganyika, Mr. Nagati has played a significant role in the growth of the Company and will continue to be a key advisor for the Company's strategy going forward.

The Company's Board of Directors will comprise the following members:

Lukas Lundin, Chairman

Gary Guidry, President

Bryan Benitz

John Craig

Hakan Ehrenblad

Keith Hill

William Rand

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".

Forward-looking statements: This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capability to execute and implement its future plans. Actual results may differ materially from those projected by management.

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