CNPCIT has advised that tests were conducted over two intervals. Although oil flowed from one such interval, water was also encountered during the test and CNPCIT has determined that the well, based on these test results, will not be capable of commercial production. The test over the second interval apparently was incomplete.
Saha – 1 is the first of three exploration wells being drilled by Operator CNPCIT and TG World on the Tenere Concession, Niger. TG World is carried by CNPCIT as to its 20% share in the Concession for the first three exploration wells and for all seismic acquisition, processing and interpretation until the end of the second exploration well. To the end of 2006, approximately 3,780 kms of new 2D seismic has been acquired and interpreted.
TG World is awaiting more detailed information concerning the testing of the Saha-1 well and expects to issue a News Release containing additional information following receipt of more technical data from the Operator and TG World's own interpretations.
The Operator advises that it will begin mobilization to the second exploration drilling location, Fachi West -1, in the next few days.
TG World is a Calgary-based, junior international oil and gas exploration company. Through a wholly owned subsidiary, TG World holds a 20% carried interest in the Tenere Block, an oil and gas concession in the Republic of Niger, Africa, measuring 71,155 square kilometers (17.3 million acres). The Tenere Block contains the northern half of the Termit - Tenere Rift. The southern half is adjacent to the Agadem Block, where six oil discoveries and one gas discovery have been announced. CNPCIT, a unit of CNPC, holds the other 80% of the Tenere concession and acts as operator of the project.
On March 18, 2006, TG World Energy Inc., a wholly owned subsidiary of TG World, entered into a major exploration project through the formation of a joint venture with Brooks Range Petroleum Corporation. The BRPC / TG World Joint Venture ("JV") was formed as an exploration strategic alliance covering a large area of mutual interest on the Alaskan Central North Slope. The Company's indirect interest in the Central North Slope Alaska Joint Venture includes a 25 – 35% working interest in approximately 182,394 net acres of lease lands and an AMI under which additional lands may be acquired. The Company has a 35% working interest in the two well Gwydyr Bay program planned for the 2006/07 winter season.
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