Tanganyka's Hana South-1 Well to Spud in Early November

Tanganyika Oil Company Ltd. reports that the Hana South-1 well is scheduled to spud during the first week of November. Hana South-1 will be the first well of a proposed three-well exploration program on the Company's West Gharib Concession in Egypt. Rig No. 7 from Gharib Rig Services has been booked for all three wells.

The Hana South-1 well will be drilled to an approximate depth of 6,000 feet to test the Kareem and Upper Rudeis reservoirs in a structure immediately adjacent to the Hana Field. This structure is potentially a large extension of the main Hana structure. The well is expected to take 3 to 4 weeks to drill.

The second well, Hana Deep-1, and the third proposed well, Naiem-1, will follow immediately. The Hana Field is currently producing approximately 1,400 bopd of 26 degrees API oil from the Miocene Kareem reservoir.

The Gulf of Suez is a prolific rift basin containing over 6 billion barrels of oil reserves and currently produces in excess of 600,000 barrels of oil per day. Tanganyika holds a 50% interest in the West Gharib Concession, encompassing over 468,750 acres. Flanking the Gulf for some 120 kilometers, this onshore concession is offset by numerous world-class reservoirs.