Tanganyika Oil Company Ltd. TSX VENTURE: TYK

CALGARY, ALBERTA--(CCNMatthews - March 31, 2006) - Tanganyika Oil Company Ltd. (the "Company") (TSX VENTURE:TYK)(NYA MARKNADEN:TYKS) is pleased to announce that it intends to pursue a listing of its Swedish Depository Receipts ("SDR's") on the O-List of the Stockholm Stock Exchange. A successful listing on the O-List represents a graduation to a senior exchange and would be reflective of the Company's growth as it progresses development of its world-class oil and gas assets.

Lukas H. Lundin, Chairman of Tanganyika Oil, commented, "Our company has enjoyed tremendous growth over the past few years and we have a large, broad shareholder base in Sweden - our listing on the Nya Marknaden on Stockholm has been very successful and we are now ready to move to the next level as our growth continues."

Tanganyika Oil Company Ltd. is a Canadian oil and gas company with production and exploration assets in Egypt and Syria. Its shares are traded on the TSX Venture Exchange and Swedish Depository Receipts trade on the Nya Marknaden of the Stockholm Stock Exchange.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.