23-06-99 Tanganyika Oil Company announced the commencement of its drilling program on the West Gharib Block, onshore Gulf of Suez, with the spudding of the Hana-1 test well. Upon completion and testing of the Hana-1 well (within 4 to 5 weeks) the EDC No. 17 rig will relocate to drill the Farha-1 prospect located 15 km to the south-west of Hana-1. Both wells will be drilled to a total depth of approximately 6,000 feet, with the Miocene Rudeis Sand as the primary target (see attached map).

In 1998 the Rudeis Sand yielded two major offshore discoveries by Amoco and Pennzoil that tested 18,880 and 6,000 bpd respectively. The new Amoco field, SG310, is currently producing 25,000 bpd. The West Gharib Block (630,000 acres) is within the prolific Gulf of Suez rift basin which holds over 6 bn barrels of reserves and produces 800,000 bpd.
Tanganyika's current exploration program is based on extensive geological and geophysical studies resulting from a 2D and 3D seismic program conducted last summer. Several additional prospects and leads have been confirmed for future evaluation.

Tanganyika, through its wholly owned subsidiary, Dublin International Petroleum (Egypt), is the operator of the West Gharib Block with a 50 % interest. Drucker Petroleum, a wholly owned subsidiary of Drucker Industries, holds a 20 % interest and GHP Exploration (West Gharib), a wholly owned subsidiary of TransAtlantic Petroleum, holds the remaining 30 % interest.