Tanganyika Oil Company Ltd.
TSX VENTURE : TYK

Tanganyika Oil Company Ltd.

November 23, 2006 02:00 ET

Tanganyika Reports Seismic and Drilling Results Point to Potentially Significant Increase in Oil Resource in Syria

CALGARY, ALBERTA--(CCNMatthews - Nov. 23, 2006) - Tanganyika Oil Company Ltd. (the "Company") (TSX VENTURE:TYK)(FIRST NORTH:TYKS) is pleased to report that it has commissioned a new reserves analysis based on the results of drilling, 3D seismic and steam stimulation at the Oudeh and Tishrine fields in Syria.

3D Seismic and Drilling in Syria - Potential Significant Increase in Oil Resource and Quality

Known oil resources to date at the Company's projects in Syria exceed an estimated 5.5 billion barrels stock tank oil initially in place ("STOIIP") (Sproule and Ryder Scott, December 31, 2005). During 2006, the Company prioritized the acquisition of 3D seismic across the Oudeh, Tishrine and Sheikh Mansour blocks. The results of the 3D seismic and interpretation to date supported the decision to drill in some areas where reserves were not previously recognized. Although the Company has only begun the interpretation across the western end of the Tishrine anticline, the information has provided significant insights into further reserves potential. Please see attached map, click on the following link: http://www.ccnmatthews.com/docs/tyk_map.jpg.

Based on the drilling and 3D seismic, the Company has determined the following:

- Significant increases in STOIIP are anticipated at Oudeh in the Shiranish formation (from new drilling results and 3D high resolution mapping), Butmah formation light oil (3D high resolution mapping and existing well control) and Kurrachine Dolomite light oil column (3D high resolution mapping and existing well control).

- No closure has been identified at West Tishrine, which is consistent with production tests outside the booked reserves boundaries. A water disposal test to be drilled outside the boundaries of the field is planned over the next two months to test extensions of the Chilou, Jaddala and Shiranish reservoir potential. This will have a significant impact on the higher quality STOIIP volumes at Tishrine.

- Some very significant exploration potential has been identified from deeper structures located between the east and west Tishrine fields currently on production. Drilling and testing on these structures may be part of a 2007 budget program.

The Company's reserves auditor is currently analyzing the results of the 2006 drilling, 3D seismic and steam pilot programs, and the results of the reserves analysis will be disclosed in the first quarter of 2007.

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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