Tanganyika Oil

Capex

Tanganyika Oil has set aside a $206 million capital spending budget for 2008, with 71% of the cash earmarked for drilling. The company's drilling programme will focus on the continued appraisal of the Oudeh and Tishrine fields in Syria. It expects six rigs to be available for drilling in Syria by the end of first quarter of the year and plans to drill a total of 59 wells on Oudeh and 72 wells on Tishrine.

Around 11% of the budget will go towards upgrading production capacity at Oudeh and Tishrine, 7% towards support for its thermal enhanced oil recovery programme, 7% on a workover programme on existing wells, and the remaining on corporate and health, safety and environmental expenditure.

Future Plans

The Company forecasts 2008 exit rates of between 21,400 and 27,000 bopd, an increase of between 95% and 145% over 2007 exit rates. The expected exit rate may be broken down between Syrian oil fields as follows:

• Oudeh: expected 2008 gross field exit rate of between 8,900 and 10,700 bopd (Company net production of between 5,500 and 6,800 bopd)
• Tishrine: expected 2008 gross field exit rate of between 12,500 and 16,300 bopd (Company net production of between 4,000 and 6,000)

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