Tanganyika Oil Company Ltd.

Published : December 02nd, 2008

TANGANYIKA REITERATES ITS SUPPORT FOR SINOPEC OFFER

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Keywords :   Canada | China | Oil | Syria |

 

NEWS RELEASE                                                                                         

December 2, 2008

 

TANGANYIKA REITERATES ITS SUPPORT FOR SINOPEC OFFER

CALGARY, ALBERTA ? The Board of Directors of Tanganyika Oil Company Ltd. (?Tanganyika? or the ?Company?) (TYK - TSX, TYKS - OMX Nordic Exchange) today reiterated its support for the bid made by Sinopec International Petroleum Exploration and Production Corporation (?Sinopec?) for all of Tanganyika?s issued and outstanding common shares (including common shares represented by Swedish Depositary Receipts) at a price of $31.50 per common share (the ?Offer?). Sinopec has announced that it intends to extend the expiry date of the Offer to 12:01 p.m. (Calgary Time) on December 19, 2008 in order to allow additional time to obtain the approvals required from the Government of the People?s Republic of China in order to complete the Offer.

The Board strongly encourages shareholders to make arrangements for their Shares to be tendered to the Offer well before December 19, 2008 in order to ensure that the minimum condition that 66 2/3% of the issued and outstanding common shares on a fully diluted basis have been tendered to the bid is met on December 19, 2008.

Management of Tanganyika is actively engaged with the Sinopec transition team developing plans aimed at ensuring the post-closing transition is completed without disruption to Tanganyika?s ongoing business activities in Syria.

 

For further information contact:

Tanganyika Oil Company Ltd.

Gary Guidry

President and CEO

(403) 716-4051

Fax (403) 261-1007

Email: gary.guidry@tykoil.com

Tanganyika Oil Company Ltd.

Ian Gibbs

Chief Financial Officer

(604) 689-7842

Fax (604) 689-4250

Email: ian.gibbs @tykoil.com

Tanganyika Oil Company Ltd.

Sophia Shane

Corporate Development

(604) 689-7842

Fax (604) 689-4250

Email: sophias@namdo.com

About Tanganyika

Tanganyika Oil Company Ltd. is a Canada-based oil and gas company focused on its properties in Syria.  The Company holds operating interests in two Syrian production sharing agreements covering the Oudeh Block and the Tishrine and Sheik Mansour Blocks.  During the first half of 2008, the average gross field production was 16,670 barrels of oil per day (?bopd?) (Company net production 6,025 bopd).  Tanganyika?s shares are traded on the TSX under the symbol ?TYK? and its Swedish Depository Receipts trade on the OMX Nordic Exchange under the symbol ?TYKS?.

 

Data and Statistics for these countries : Canada | China | Syria | All
Gold and Silver Prices for these countries : Canada | China | Syria | All

Tanganyika Oil Company Ltd.

CODE : TYK.TO
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Tanganyika Oil is a oil exploration company based in Canada.

Tanganyika Oil is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.9 billions as of today (US$ 1.5 billions, € 1.1 billions).

Its stock quote reached its lowest recent point on September 19, 2008 at CA$ 14.21, and its highest recent level on December 23, 2008 at CA$ 31.45.

Tanganyika Oil has 62 129 000 shares outstanding.

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Financings of Tanganyika Oil Company Ltd.
3/17/2008 CLOSES CDN $75 MILLION PRIVATE PLACEMENT
3/4/2008Cdn $75 Million Private Placement
Financials of Tanganyika Oil Company Ltd.
11/14/2008 Third Quarter Results
8/14/2008 ANNOUNCES SECOND QUARTER 2008 RESULTS - News Release
8/1/2008SECOND QUARTER RESULTS TO BE RELEASED AUGUST 14, 2008 - News...
5/14/2008 ANNOUNCES FIRST QUARTER 2008 RESULTS - News Release
5/12/2008 RELEASE FIRST QUARTER RESULTS WEDNESDAY MAY 14, 2008 - News...
2/29/2008ANNOUNCES FOURTH QUARTER 2007 RESULTS
1/8/2008PRODUCTION INCREASES 37% FROM THIRD QUARTER
11/9/2007RELEASE THIRD QUARTER AND NINE MONTHS RESULTS WEDNES
Corporate news of Tanganyika Oil Company Ltd.
12/2/2008TANGANYIKA REITERATES ITS SUPPORT FOR SINOPEC OFFER
9/25/2008 ANNOUNCES C$31.50 PER SHARE CASH OFFER BY SINOPEC INTERNATI...
9/22/2008IN NEGOTIATIONS
9/15/2008 TO COMMENCE TRADING ON TORONTO STOCK EXCHANGE ON SEPTEMBER ...
6/19/2008CONDITIONAL APPROVAL OF GRADUATION TO THE TORONTO STO
4/25/2008ANNUAL AND SPECIAL MEETING RESULTS - News Release
3/27/2008CORPORATE UPDATE
3/25/2008FILES AUDITED YEAR END 2007 FINANCIAL STATEMENTS, AIF AND NO...
2/15/2008 ANNOUNCES 2008 CAPITAL BUDGET
2/6/2008CONTINUED PRODUCTION AND RESERVES GROWTH AT TANGANYIKA
1/15/2008Research Report
9/25/2007Closes Sale of Egyptian Assets
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TORONTO (TYK.TO)FRANKFURT (T5G.F)
31.33-0.13%15.540
TORONTO
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