Sinopec launches take-over bid for Tanganyika Oil Company Ltd.



    BEIJING, The People's Republic of China, Oct. 31 /CNW/ - Sinopec
International Petroleum Exploration and Production Corporation announced today
that its indirect, wholly-owned subsidiary, Mirror Lake Oil and Gas Company
Limited ("Mirror Lake"), has officially made an offer (the "Offer") to
purchase all of the issued and outstanding common shares in the capital of
Tanganyika Oil Company Ltd. ("Tanganyika") at a price of C$31.50 per share,
including all the common shares which may become outstanding upon the exercise
of outstanding stock options or which are represented by Swedish Depositary
Receipts.
    The Offer is open for acceptance until 10:00 a.m. (Calgary time) on
December 5, 2008, unless withdrawn or extended. The Offer is subject to
certain conditions, including acceptance of the Offer by holders of at least
66 2/3 percent of the outstanding common shares of Tanganyika, calculated on a
fully diluted basis, and receipt of all required regulatory approvals,
including all required approvals from the government of The People's Republic
of China.
    The Offer documentation was mailed to registered holders of Tanganyika
common shares, options and Swedish Depositary Receipts after market close on
October 30, 2008. The take-over bid circular of Mirror Lake and related
materials and the directors' circular of Tanganyika are available for review
on SEDAR at www.sedar.com. Holders of Tanganyika Swedish Depositary Receipts
can review the materials mailed to them regarding the Offer on www.ohman.se.

    THIS NEWS RELEASE IS FOR INFORMATIONAL PURPOSES ONLY AND IS NOT AN OFFER
TO BUY OR THE SOLICITATION OF AN OFFER TO SELL ANY SECURITIES. THE
SOLICITATION AND THE OFFER TO BUY COMMON SHARES OF TANGANYIKA IS MADE ONLY
PURSUANT TO THE TAKE-OVER BID CIRCULAR AND RELATED MATERIALS THAT HAVE BEEN
FILED ON SEDAR ON OCTOBER 30, 2008. TANGANYIKA SHAREHOLDERS AND OTHER
INVESTORS SHOULD READ THESE MATERIALS CAREFULLY BECAUSE THEY CONTAIN IMPORTANT
INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE OFFER.





For further information:

For further information: please contact any of the following: Sinopec
International Petroleum Exploration and Production Corporation: Mr. Handong
Rui, Email: hdrui@sipc.cn; Nomura International (Hong Kong) Limited: Mr. Wayne
Yue, Email: wei.yue@nomura.com; Georgeson Shareholder Communications Canada
Inc.: North American Toll Free Number: 1-866-717-8272, *European Toll Free: 00
800 2667 8828, European Collect: +44 (0)117 378 8097; *Austria; Belgium;
Denmark; Finland; France; Germany; Ireland; Italy; Netherlands; Norway; Spain;
Sweden; Switzerland; United Kingdom; E. Ohman J:or Fondkommission AB:
Emissionsavdelningen/Tanganyika, P.O. Box 7415, SE-103 91 Stockholm,
Telephone: 08 402 51 32, Facsimile: 08 402 51 30

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SINOPEC INTERNATIONAL PETROLEUM EXPLORATION AND PRODUCTION CORPORATION

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