Nabors Rig 27-E has been secured for a 120-day winter drilling program and is expected to be mobilized once ice roads are opened by the State of Alaska -- approximately January 1, 2008. The completion and testing of the North Shore #1 well, drilled during the 2006/2007 winter season at the Gwydyr Bay prospect area, has been selected as the first operation in the winter schedule. The North Shore #1 well reached a final total vertical depth of 10,319 feet (13,309 feet measured depth) in the Ivishak formation and was cased as a potential oil producer.
The North Shore #1 well bottomhole location is approximately 1,100 feet west of the 1974 Mobil Gwydyr Bay South #1 well, which was reported to have flowed at an average of 2,263 b/d on production test from the Ivishak formation. TG World has a 35% working interest in the North Shore #1 well.
The Tofkat #1 exploration well, located within the Titania Prospect Area is scheduled to be drilled after North Shore #1 well operations are completed. The Kuparuk sandstones are the reservoir target for this seismic-defined prospect; the Kuparuk is productive in the Nanuq field, located 5 kilometers to the northwest. If Tofkat #1 is a discovery, the JV participants may choose to drill a sidetrack well this winter season to help delineate the reservoir extent. Under the terms of the Joint Venture arrangements, TG World will, by paying 35.7% of the well costs, earn a 25% working interest in the complete Titania Prospect Area.
3-D seismic data acquired by the JV participants in 2007 over the Gwydyr Bay Prospect Area has identified two small satellite prospects to North Shore #1 that can be reached from the North Shore #1 drilling pad. The first satellite prospect is expected to be drilled after Tofkat #1 well operations are completed. TG World has a 35% working interest in the satellite prospects. The first North Shore satellite, if successful, could be a catalyst for North Shore field development.
The JV participants expect that a third exploration well will be selected for drilling during the 2007/2008 season from prospects in the Gwydyr Bay Area covered by proprietary 3-D seismic data. Final prospect selection is awaiting delivery and interpretation of the pre-stack depth migrated seismic volume. TG World has a 35% working interest in the relevant leases.
A CGG-Veritas seismic crew has been secured for a one-month slot. The Joint Venture plans to acquire up to 200 square miles of 3-D data over portions of its lease holdings in the Slugger and Titania/Big Island Prospect Areas. Prospects developed from these surveys would be candidates for drilling in the 2009 and 2010 winter seasons. TG World is paying 25% of the costs of the seismic program.
"We look forward to the high level of exploration activity slated for the coming winter season," said Cliff James, TG World president and CEO. "We are eager to test the North Shore #1 well and drill additional nearby structures to assess the area for oil potential. The multiple-well program planned for this winter is based on the Joint Venture's current prospect inventory, which was developed as a result of the seismic acquisition and data gathering program initiated last season."
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