Tanganyika Oil Company has agreed to sell, on a private placement basis, up to an aggregate of three million shares of the company at a price of $6.30 per share for gross proceeds of $18.9 million in order to fund the development of the Oudeh field in Syria.
The Oudeh Field is a large development block located in northeastern Syria containing an estimated 2.4 billion barrels oil in place. As the field is fully developed total production levels are expected to reach over 30,000 barrels of oil per day (bpd).
Tanganyika recently completed a successful well workover program that initiated the first incremental oil production. The company will continue its fast track development of the field. Preparations are now underway for additional well workovers as well as new drilling, including horizontal drilling.
"It's full steam ahead for the Oudeh Field,” said President of Tanganyika Oil, Lukas H. Lundin. “We are pursuing a rapid development of the field and expect to ramp up production significantly over the coming months. On closing of the private placement, Tanganyika will be well-funded to meet its objectives," he added
Tanganyika Oil is a Canadian oil and gas company with production and exploration assets in Egypt and Syria. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
