Tanganyika Oil Company Ltd.

March 02, 2005 09:30 ET

Tanganyika Spuds Third Exploration Well in Egypt

NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: TANGANYIKA OIL COMPANY LTD.

TSX VENTURE SYMBOL: TYK

MARCH 2, 2005 - 09:30 ET

Tanganyika Spuds Third Exploration Well in Egypt

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 2, 2005) - Tanganyika
Oil Company Ltd. (TSX VENTURE:TYK) (NYA MARKNADEN:TYKS) (the "Company"
or "Tanganyika") is pleased to announce that a third exploration well,
West Hoshia-1, has spudded. The drill rig was mobilized from Hoshia-1
and rigged up at the new well location. West Hoshia-1 will be drilled to
2,200 feet to test the Lower Miocene Rudeis sandstone reservoir. The
well is located 17 kilometres northwest of the Hana Field and 4
kilometres southwest of Hoshia-1.

The Company has completed drilling 2 exploration wells in the current
campaign to date, Fadl-1 and Hoshia-1. Fadl-1 was drilled to a total
depth of 5,612 feet and Hoshia-1 was drilled to a total depth of 5,941
feet. Petrophysical logs indicate a potential pay zone of 40 feet in
Fadl-1 and 34 feet in Hoshia-1. The Hoshia-1 well is currently being
completed with tubing and a downhole pump and will be tested in the
coming couple of weeks. Fadl-1 is currently waiting for a workover rig
to conduct a cement squeeze job prior to testing.

Gross field production from the Hana Field is approximately 1,900 bopd.

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

Lukas H. Lundin, President

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