TG World Energy Corp. provided an update on the Alaska Central North Slope winter 2008 exploration program, which is being carried out by the project operator Brooks Range Petroleum Corporation ("BRPC" or the "Operator").
BRPC has informed the joint venture ("JV") participants, TG World Energy Inc., Bow Valley Alaska Corporation and Ramshorn Investments Inc., that contracted rig Nabors' 27E spud the second well of the 2008 season, Tofkat #1.
Tofkat #1, located within the JV's Titania prospect area, is situated just east of the Native village of Nuiqsut along the east side of the Colville River. Kuparuk sandstones are the reservoir target for this well, which are also productive in the Nanuq oil field located 5kms to the north-west. Under the terms of the JV, TG World will, by paying 35.7% of the well costs, earn a 25% working interest in the complete Titania prospect area.
After the completion of the Tofkat #1 well, dependant on results, BRPC plans to either drill a sidetrack to Tofkat #1 or will move Rig 27E north-east to drill a second well in the Gwydyr Bay prospect area called North Shore #3.
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