Tanganyika Hires General Manager for Oudeh Project in Syria

Tanganyika Oil Company has appointed Mr. Paul A. King as General Manager of the Oudeh Field development project in Syria. Mr. King brings to the company over thirty years of experience in all aspects of the exploration, appraisal, evaluation and development of onshore and offshore oil and gas fields in the North Sea, Middle East, Far East and most recently, the Former Soviet Union. During these years he has worked for international companies such as Schlumberger, Occidental Petroleum and Lasmo and independent companies such as Dragon Oil, Hurricane Hydrocarbons and Nelson Resources.

Over the last ten years, his activities have been directed at increasing development efficiencies, increasing reserves and production rates, reducing development costs and effectively negotiating production contracts with government entities and national oil companies.

He also has considerable experience of working with financial institutions such as the European Bank for Reconstruction and Development to develop financing packages for Former Soviet Union based developments and he was, most recently, involved in developing a venture to float an independent Kazakh oil and gas company, backed by a European equity investment fund.

Tanganyika, through its wholly-owned Syrian subsidiary, Dublin International Petroleum (Syria) Limited, has put together a small and highly focused team of experienced, Syrian and expatriate, professionals to form the basis of its in-country team for the development and operation of the Oudeh Field.

The Damascus head office management team is comprised of a country general manager and technical, financial and administration personnel, who are handling government contacts and all aspects of the short and long term development programs, for the Oudeh Field, as well as the development of new business opportunities in Syria.

The Oudeh Field production operations are currently handled by a team of approximately forty to fifty, fulltime, Syrian Nationals and six, rotational duty, expatriates. It is envisaged that this team may well be increased in number later this year, or early next year, as production volumes increase.

Tanganyika expects to become the leading, most cost effective, independent oil producer of hydrocarbons in Syria, by optimizing its number of expatriate employees and resourcing its organization requirements from the large pool of highly qualified Syrian oil and gas professionals that exists within the country.