Tanganyika Production Increases 37% From Third Quarter
January 08 2008 - 1:30AM
Marketwired Canada
Tanganyika Oil Company Ltd. (the "Company") (TSX VENTURE:TYK)(OMX:TYKS) is
pleased to provide an update on Fourth Quarter ("Q4") production and the
December exit rates. Gross field production was boosted by over 3,300 bopd or
37% during Q4 with continued development drilling, especially in the northern
and southwestern extensions of the West Tishrine Field as well as the Company's
ongoing cyclic steam stimulation program.
Gross Oil Shipments Company Net Oil Shipments
(bopd - average) (bopd - average)
------------------------- -------------------------
Syria Syria
Total Tishrine Oudeh Total Tishrine Oudeh
Q3 2007 8,894 6,454 2,440 1,447 366 1,081
October 2007 9,198 6,675 2,523 1,700 550 1,150
November 2007 10,017 7,306 2,711 2,070 808 1,262
December 2007 10,997 7,946 3,051 2,800 1,281 1,519
------------------------- -------------------------
Q4 2007 10,070 7,309 2,761 2,190 880 1,310
Last Two Weeks
of December
2007 12,220 9,082 3,138 3,491 1,912 1,579
The first of three new drilling rigs is on a commercial ship and expected to
spud mid February. The second rig is expected to depart China this week and
expected to spud the first well by the end of February. The third rig is
expected to ship in early February and spud before the end of March.
Tanganyika Oil Company Ltd. is a Canadian oil and gas company with production
and exploration assets in Syria. Its shares are traded on the TSX Venture
Exchange under the symbol TYK and its Swedish Depository Receipts trade on the
OMX Nordic 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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