CNPCIT has advised that Fachi West-1 reached a total depth of 3,400 meters in the Donga Formation. No significant hydrocarbon shows were encountered while drilling and there were no significant indications of hydrocarbons on wireline logs. The well was plugged and abandoned on May 27, 2007, without testing. The well took 51 days to drill.
Fachi West - 1 was the second of three exploration wells being drilled by operator CNPCIT and TG World on the Tenere Concession, Niger.
The results of the Fachi West-1 well are being integrated into the data interpretation prior to finalizing the selection of the location for the third prospect, which is anticipated to be drilled as soon as possible in 2007.
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 3,965 km of new 2D seismic has been acquired and interpreted.
TG World is a Calgary-based, junior international oil and gas exploration company. 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 309,384 net acres of lease lands and an AMI under which additional lands may be acquired. The Company has a 35% working interest in the Gwydyr Bay Prospect Area. The North Shore #1 well was cased as a potential oil producer in the 2006/07 winter drilling season. The well is approximately 1,100 feet west of and appears to be comparable to the 1974 Mobil Gwydyr Bay South No.1 well, which flowed at an average rate of 2,263 bopd on production test from the same formation. The potential size and economic viability of this discovery will be evaluated using 3D seismic data which the JV Partners acquired over the prospect area during this winter season. A full testing program of the North Shore #1 well will be undertaken during the 2007/08 winter season.
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. The first two wells to test the Tenere Block, Saha-1 and Fachi West-1, were recently drilled as dry holes. The selection of the location for the third prospect is expected to be finalized as soon as possible for drilling in 2007.
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