Tanganyika Oil Company Ltd. is in exclusive discussions with a third party relating to the acquisition of all of the issued and outstanding shares of the Company.

Tanganyika make this announcement in response to recent speculation regarding a potential sale of the Company.

No assurance can be given that these discussions will lead to a binding agreement.

Tanganyika will make no further announcements or communications regarding these negotiations until a binding agreement has been reached or discussions are terminated without such an agreement being reached.

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