Tanganyika Oil Company Ltd.
TSX VENTURE : TYK

Tanganyika Oil Company Ltd.

November 02, 2005 09:30 ET

Tanganyika Oil Company Ltd.: Oudeh Well 140 on Production Tishrine Production Sharing Commences

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 2, 2005) - Tanganyika Oil Company Ltd. (the "Company" or "Tanganyika") (TSX VENTURE:TYK)(Nya Marknaden:TYKS) is pleased to provide an update on its operations in Syria.

A total of 3 horizontal Oudeh development wells have been drilled since the program started in July, and a fourth well (OD 142) is currently drilling. A summary of the 3 drilled wells is in the following table. The wells achieved a high net to gross pay as expected as well as on-target average porosity and oil saturations.



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Well Gross Vertical Net Vertical Average Average Oil
Pay (feet)(i) Pay (feet) porosity (%) Saturation (%)
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OD 139 109.6 108.3 21.8 75.8
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OD 140 77.1 76.1 26.5 79.4
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OD 141 118.8 117.8 19.0 83.8
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(i) Note: The horizontal/slant wells were not designed to fully
penetrate the Shiranish. The actual thickness of the Shiranish in
all 3 locations is thicker than the gross vertical interval penetrated.


Test rates are now available on OD 140. This well is producing at a stabilized rate of 400 barrels of oil per day (526 barrels of fluid per day at a 24% water cut).

OD 139 is on production and currently cleaning up workover fluids following remedial work on a suspected poor cement job. Stabilized test rates will be reported when available.

OD 141 is currently being completed. The high permeability of the well, as evidenced by moderate fracturing encountered resulted in a loss of more than 5,000 barrels of mud to the hole during drilling operations. Once the mud has been produced back, the well will be stimulated and put on production.

Current gross field production from Oudeh is approximately 2,100 bopd (current rates do not include OD 139, OD 141, OD 137 and other wells currently under clean up/work over).

At Tishrine, the Company assumed operations on September 29, 2005 and has now received formal approvals to commence production sharing. Since assuming operations, the company has conducted 14 workovers and increased production by 700 barrels of oil per day. Immediate plans at Tishrine include continued stimulation, application of wax control methods, and plans for drilling horizontal laterals to test enhanced oil recovery methods. The current base case production for the month of October is 6,390 barrels of oil per day which is approximately where the field is currently producing. Base case production has been temporarily impacted by cold weather which exacerbates the bottlenecks in the gathering system. The company is currently taking action to reduce the impact of cold weather on producing facilities.

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.

ON BEHALF OF THE BOARD

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)
    www.tanganyikaoil.com