TG World Energy Says Tenere Seismic Work on Track

TG World Energy says excellent progress is being made in the seismic acquisition program currently underway in its Tenere Project in Niger, West Africa.

CNPCIT, a unit of the China National Petroleum Corporation ("CNPC"), advised TG World at the recent Technical Committee Meeting (TCM) held in Niamey, Niger, March 15-16, that approximately 40% of the 1,500 km, 2D acquisition program had already been acquired, amounting to more than 600 km of data to date. The data is being acquired by CNPC's geophysical contracting subsidiary, BGP Inc., taking advantage of CNPC's and BGP's extensive experience in seismic acquisition in desert conditions around the world.

Initial results indicate that the new data being acquired by CNPCIT is of very high quality and superior to reprocessed vintage data.

In addition, through BGP, CNPCIT has now completed the establishment of its in-house geophysical processing centre and will initiate production processing of the data immediately in preparation for interpretation to be conducted "back-to-back" in Niamey and Beijing. The centre will additionally enable the Operator to process and interpret up to 7,000 km of vintage data existing on the block.

TG World will also process a portion of the new data independently in Calgary, and will conduct independent interpretation in support of the partnership's technical co-operation on the Block.

"TG World is extremely impressed by the pace and quality of the operations being conducted in Tenere by CNPCIT," said TG World President and CEO, Mr. Clifford James. "The establishment of the processing centre in conjunction with their acquisition program demonstrates how aggressively they are pursuing this project. This is a world-class operation, being conducted under difficult conditions."

Operator CNPCIT holds an 80% interest in the 71,000 sq. km Tenere Permit in Niger. TG World Energy Corp. holds the remaining 20% interest and will be carried by CNPC for all except minor elements of the Minimum Work Program, under which the partnership will acquire a minimum of 1,500 km of 2D seismic data and drill three exploratory wells.