Tanganyika Says Fadl-1 Well Reaches Total Depth

Tanganyika Oil Company reports that the Fadl-1 exploration well in Egypt has reached total depth of 5612 feet and will undergo testing using a PC pump in the coming two weeks. Fadl-1 is the first of a two well exploration program on the Company's West Gharib concession and is located approximately 9.2 km southwest of the Hana field in Egypt.

Fadl-1 targeted the Upper and Lower Rudeis sandstone reservoirs similar to the nearby West Bakr M and K fields operated by the Japanese group Epedeco since 1982. The West Bakr M field has produced to date 6.5 million barrels since 1991 and the K field has produced to date 26 million barrels since 1984 and both currently produce 4000 bopd.

The ZJ45 rig is currently being mobilized to the next location, Hoshia-1, which is planned to be drilled to a depth of 4500 feet targeting the Nubia sandstone reservoir with possible shallower targets in the Lower Miocene Nukhul and Rudeis sandstone, Cretaceous sandstone and Eocene limestone reservoirs. The Hoshia-1 well will be located approximately 14.5 km northwest of the Hana field.

The Company has a 45% working interest in the West Gharib concession and 70% working interest in the Hana field production.