The Operator of the Tenere Concession, CNPC International (Tenere) Ltd. (CNPCIT), a unit of CNPC, confirmed at the first Operating Committee Meeting held recently in Beijing, China, that acquisition operations began with the shooting of an East-West line through the 1970's vintage Fachi - 1 well. This line is expected to provide CNPCIT and TG World with additional control over seismic data acquired in the 1970's, and to tie in to the Fachi - 1 well logs for data control. The Fachi - 1 well was determined to have been drilled on an uplifted ridge that separates two deep areas of the Tenere Trough, which TG World believes are the most prospective portions of the Tenere Concession.
As previously announced, TG World holds a 20% interest in the Tenere Permit and will be carried by CNPCIT for all but minor elements of its 20% share of a Minimum Work Program, which contemplates the acquisition of 1,500 km of seismic and the drilling of three exploration wells.
At the recent Operating Committee Meeting, CNPCIT advised participants that it intends to acquire the full 1,500 km of seismic associated with the Minimum Work Program during the current seismic acquisition phase. Current operations are targeting structures mapped by both TG World and CNPC, based on data acquired by previous operators. TG World has mapped a total of 35 closed structures on the Block; management of TG World has been advised that independent mapping by CNPC has identified the same structures.
The initial seismic program is expected to provide infill data on most of the structures identified by TG World and CNPC. The objective of the program is to identify and rank prospects for the exploration drilling phase of the Minimum Work Program.
"TG World is encouraged by the technical work performed by the Operator, as well as by the speed and dedication with which CNPCIT is approaching this program," commented TG World CEO Clifford M. James. "They took advantage of the time required to finalise the complex legal documentation associated with our joint venture arrangement to get a head start on the set-up and scouting of the program. They are now working aggressively on the seismic program, and we have confidence they will be equally aggressive in planning and implementing the exploration drilling program."
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