![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Tanganyika Oil CO Com Npv | TSXV:TYK | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0 | - |
Tanganyika Oil Company Ltd. ("Tanganyika" or the "Company") (TSX VENTURE:TYK)(OMX:TYKS) is pleased to provide an update on production, reserves and ongoing operations. Continued appraisal and development drilling, and cyclic steam stimulation resulted in Syrian gross field production of 12,528 barrels of oil per day ("bopd") during January representing a 24% increase over average production during Q4 2007. This increased gross production resulted in a 70% increase in Tanganyika's net production during the same period. Gross Oil Shipments Company Net Oil Shipments (bopd - average) (bopd - average) ------------------------- ------------------------- Syria Syria Total Tishrine Oudeh Total Tishrine Oudeh Q3 2007 8,894 6,454 2,440 1,447 366 1,081 October 2007 9,198 6,675 2,523 1,700 550 1,150 November 2007 10,017 7,306 2,711 2,070 808 1,262 December 2007 10,997 7,946 3,051 2,800 1,281 1,519 ------------------------- ------------------------- Q4 2007 10,070 7,309 2,761 2,190 880 1,310 January 2008 12,528 9,070 3,458 3,721 1,919 1,802 The continued production growth, through one of the coldest winters in recent years, provides evidence of the Company's successful winterization program. In addition, the reliability of the infield electrical system has improved significantly with the upgrades implemented during 2007 resulting in improved production stability. Finally, the interim water treatment and disposal system continues to perform during the dewatering process at Tishrine. The Company has observed the expected decrease in water cut at multiple structural levels across the Jaddala reservoir at West Tishrine. 2007 Reserves DeGolyer and McNaughton Canada Limited have independently evaluated the estimated crude oil reserves attributable to Tanganyika's participating interests in its Syrian properties with an effective date of December 31, 2007. The Company recorded a 10% increase in gross proven reserves, an 11% increase in gross proven plus probable reserves and a 21% increase in gross proven plus probable and possible reserves in comparison to its previously reported reserves estimates effective December 31, 2006 (forecast prices and costs). The net present value of future net revenue attributable to Tanganyika's Syrian reserves increased over 120% during 2007 on both a proven and proven plus probable basis (forecast prices and costs). This increase may be attributed to both an increase in the gross Syrian reserves and an increase in forecast world oil prices. The 2006 reserve report forecast future realized prices during the term of Tanganyika's Syrian production sharing agreements ranging from $33.49 to $48.54/bbl. In line with increased world oil prices, the 2007 reserve report forecasts future realized prices during the term of Tanganyika's Syrian production sharing agreements ranging from $64.16 to $89.64/bbl. The drop in Tanganyika's net reserves recorded during 2007 is expected given the improved world oil prices. As prices increase, future barrels that are required for Tanganyika to recover its costs under the production sharing agreement terms are decreased and lower net reserves are recorded. ----------------------------------------------------------------- Forecast Prices and Costs ----------------------------------------------------------------- Percent Increase December 31, 2007 December 31, 2006 (Decrease) ----------------------- ---------------------- ------------------ Net Net Present Present Net Value of Value of Present Crude Future Crude Future Value of Oil Net Oil Net Future Reserves Revenue- Reserves Revenue- Crude Net (million 10% (million 10% Oil Revenue- barrels) Discount barrels) Discount Reserves 10% -------------- ($ mill- ------------- ($ mill- ----------- Dis- Gross Net ions) Gross Net ions) Gross Net count -------------------------------- ---------------------- ------------------ Proved 185.0 67.7 1,370.0 168.3 88.8 603.0 10% (24)% 127% -------------------------------- ---------------------- ------------------ Proved 851.4 328.5 5,726.0 764.8 428.7 2,336.0 11% (23)% 145% plus Probable -------------------------------- ---------------------- ------------------ Proved 1,250.7 435.7 6,456.0 1,033.3 603.8 3,469.0 21% (28)% 86% plus Probable and Possible -------------------------------------------------------------------------- Note: Net present value of future net revenue does not represent fair market value -------------------------------------- Original Oil in Place ("OOIP") --------------------------------------------------------------------------- December 31 Increase (million barrels) during 2007 These are the original oil ------------------ ---------------- in place amounts used in the million reserve categories shown below: 2007 2006 barrels Percent ------------------------------------------------------- ---------------- Proved 4,695.8 4,918.6 (222.8) (4.5)% ------------------------------------------------------- ---------------- Proved plus Probable 7,384.7 6,441.1 943.6 14.6% ------------------------------------------------------- ---------------- Proved plus Probable and Possible 10,973.8 7,795.3 3,178.5 40.8% --------------------------------------------------------------------------- Note: The Original Oil in Place (OOIP), as noted in the above table, is equivalent to the discovered resource volumes on these lands. The reserves attributed to the various reserve classification (Proved, Proved plus Probable and Proved plus Probable and Possible) are included in the discovered resource quantities. Reserves are those quantities of oil forecast to be economically recoverable from a discovered resource. The significant increases in reserves and original oil in place recorded during 2007 result from Tanganyika's focused appraisal and development activities in Syria, including: - To date 3D seismic acquisition and interpretation across all major fields (Oudeh: 210km2, Tishrine: 331km2, Sheikh Mansour: 156km2) - Continued appraisal and developmental drilling success during 2007 (Oudeh: 18 wells drilled, Tishrine: 35 wells drilled) - Extending the field limits of recoverable reserves at both West Tishrine and Oudeh - Demonstrating economic production in a new reservoir at Tishrine (Chilou A) - Demonstrating EOR potential from downspacing - Expanding the thermal (steam) EOR pilot tests at the Oudeh and Tishrine fields (Oudeh steam pilot expanded to 10 wells by the end of 2007, Tishrine steam pilot expanded to 17 wells by the end of 2007) The success of these programs is encouraging and supports the Company's plans to expand both the thermal (steam) EOR pilot and drilling program during 2008 to further enhance oil production rates and ultimate oil recovery from the Company's operated fields in Syria. Tanganyika's complete Statement of Reserves Data and Other Oil and Gas Information (in accordance with National Instrument 51-101) will be publicly available on or before February 28, 2008. The Company's Statement of Reserves Data and Other Oil and Gas Information will be available through SEDAR at www.sedar.com or on the Company's website at www.tanganyikaoil.com. Increased Drilling Rig and Steam Generator Capacity The first of three new drilling rigs has arrived and is being commissioned in the field. The first additional rig is expected to commence drilling before the end of February. The second additional drilling rig is in transit and due to be unloaded in Syria in mid-February. Construction of the third additional drilling rig is being completed in China and is expected to be shipped to Syria during the second half of February. It is expected that these three additional drilling rigs will increase the Company's drilling rig count to six by the end of the first quarter. An additional four steam generators are currently in transit to Syria and expected to arrive in mid-February to begin steaming operations. These four additional steam generators will increase the number of steam generators operating in Syria to ten in total. Tanganyika Oil Company Ltd. is a Canadian oil and gas company with production and exploration assets in Syria. Its shares are traded on the TSX Venture Exchange under the symbol TYK and its Swedish Depository Receipts trade on the OMX Nordic Exchange under the symbol "TYKS". Note Regarding Reserve Category Definitions: Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proven reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the proven plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is only a 10-percent probability that the quantities actually recovered will equal or exceed the sum of the proven plus probable plus possible reserves. Discovered resources are those quantities of oil and gas estimated on a given date to be remaining in, plus those quantities already produced from, known accumulations. Discovered resources are divided into economic and uneconomic categories, with the estimated future recoverable portion classified as reserves and contingent resources, respectively. Forward-looking statements: This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capability to execute and implement its future plans. Actual results may differ materially from those projected by management.
1 Year Tanganyika Oil CO Com Npv Chart |
1 Month Tanganyika Oil CO Com Npv Chart |
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions