Tanganyika Acquires Interest in North African Oil & Gas Properties
Tanganyika Oil Company has entered into a share exchange agreement made March 8, 2006, with the registered shareholders of a private corporate entity incorporated in the Cayman Islands, which entity has certain rights associated with the development of oil and gas properties located in northern Africa.
Under the terms of the share exchange agreement, Tanganyika will acquire 50% of the issued and outstanding shares of the private entity in exchange for 372,954 shares of Tanganyika, having an aggregate value of approximately USD$3,000,000. Tanganyika has also agreed to fund 100% of the private entity's obligations, to a maximum of USD$2,000,000, under a work program to be developed and agreed upon by the parties. Tanganyika has been granted an option to acquire the remaining 50% of the issued and outstanding shares of the private entity, exercisable for 60 days after the date a development lease is issued in respect of the oil and gas properties.
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.
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