Tanganyika Oil Company provided an update on the Tishrine drilling and appraisal program. The Company's second quarter drilling program has continued to prove reserves and discovered resource boundaries beyond the reserve and resource areas recorded at December 31, 2007.
The Company continues to extend the West Tishrine field downdip to the north and along strike to the southwest. In addition to geographically extending the Tishrine reserves and resources, oil has been logged and tested at depths of -820 to -845 meters subsea. Reserves have not previously been attributed to reservoirs at this depth. While increasing the reserves and resources in the Tishrine block, the Company's production increases to date in 2008 are in line with production guidance provided to the market.
Significant wells drilled in the northern downdip extension include WT-270, WT-273, WT-265 and WT-275 with net pay ranging 26-33 meters in the Chilou A, 16-46 meters in the Chilou B1-B3 and 18-38 meters in the Jadalla reservoirs. Significant wells drilled in the southwest extension include WT-261, WT-266 and WT-277 with net pay ranging 23-30 meters in the Chilou A, 18-36 meters in the Chilou B1-B3 and 18-107 meters in the Jadalla reservoirs.
The prolific 35 kilometer east-west Tishrine anticline has producing fields at each end of the structure, the East and West Fields, and oil has been tested in up to 5 different horizons across the anticline. The Company will continue appraising this anticline throughout 2008 with a planned ten well appraisal program. WT-276 is the first appraisal well to be drilled in the area between the existing East and West Tishrine Fields, stepping three kilometers to the Southeast of the West Tishrine field. Preliminary indications from WT-276 are very positive with 23 meters of net pay logged in the Chilou A, 36 meters in the Chilou B1-B3 and 180 meters in the Jadalla reservoirs, complemented with good oil shows. WT-276 will be tested over the next 30-60 days.