Tanganyika Oil Company Ltd.
TSX VENTURE : TYK

Tanganyika Oil Company Ltd.

June 27, 2005 16:15 ET

Tanganyika Oil Company Ltd.: Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 27, 2005) - NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, THE UNITED STATES, AUSTRALIA, SOUTH AFRICA OR JAPAN

Tanganyika Oil Company Ltd. (the "Company") (TSX VENTURE:TYK)(NYA MARKNADEN:TYKS) announces that it has agreed to sell, on a non-brokered, private placement basis, up to an aggregate of five (5) million shares of the Company at a price of $7.60 per share for gross proceeds of $38 million. The Company may pay a finders fee of five percent with respect to all or part of the private placement. Net proceeds of the private placement will be used for development of the projects in Egypt and Syria and for general corporate purposes. The private placement is subject to regulatory approval.

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