Sinopec International Petroleum Exploration and Production Corporation and Tanganyika Oil Company Ltd. are pleased to announce that 60,570,221 Tanganyika common shares, which represent approximately 95.0% of the Tanganyika common shares on a fully-diluted basis, have been tendered to the offer dated Oct. 30, 2008 made by Mirror Lake Oil and Gas Company Limited, an indirect wholly-owned subsidiary of Sinopec International. Since all of the conditions to the Offer have been satisfied, Mirror Lake has taken up and paid for all of the Tanganyika common shares tendered to the Offer. Mirror Lake intends to exercise its statutory rights under the compulsory acquisition provisions of the Canada Business Corporations Act to acquire the remaining Tanganyika common shares that were not deposited to the Offer as soon as practicable.
In connection with the Offer, the board of directors of Tanganyika has been replaced by nominees of Sinopec International effective December 19, 2008.
Mirror Lake intends to cause Tanganyika to seek a delisting of its common shares and depositary receipts and to apply to cease to be a reporting issuer and to otherwise terminate its public reporting requirements as soon as possible hereafter.
It is anticipated that the Tanganyika's common shares will be delisted from the Toronto Stock Exchange effective December 24, 2008 and that Tanganyika's depositary receipts will be delisted from the NASDAQ OMX Stockholm effective December 24, 2008.
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