Tanganyika Oil Company Ltd. ("Tanganyika" or the "Company") (TSX
VENTURE:TYK)(OMX:TYKS) is pleased to provide 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.


Recent production testing results from these wells follow:



-----------------------------------------------------------------------
                    Gross fluid        Gross well oil 
                     production            production
                    (barrels of           (barrels of         Water cut
Well              fluid per day)          oil per day)               (%)
-----------------------------------------------------------------------
WT-277                      981                   432                66
-----------------------------------------------------------------------
WT-266                    1,472                 1,457                 1
-----------------------------------------------------------------------
WT-261                    1,295                 1,282                 1
-----------------------------------------------------------------------
WT-270                      107                   100                 1
-----------------------------------------------------------------------
WT-273                      837                   670                20
-----------------------------------------------------------------------
WT-265                       63                    57                10
-----------------------------------------------------------------------
WT-275                      145                   125                14
-----------------------------------------------------------------------



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.


2008 results to date are very encouraging for the summer and fall appraisal
program. Further details of the Tishrine appraisal program will follow with the
second Quarter operations update in July.


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.
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