CNPC Spuds Saha-1 in Niger
TG World Energy Corp. said that the Saha-1 Exploration Well has commenced drilling on its Tenere Concession, Niger. For past information concerning the Tenere Project, please refer to the Company's website at www.tgworldenergy.com.
The Company has been advised by the Tenere Project Operator, CNPC International Tenere Limited ("CNPCIT"), a unit of the China National Petroleum Corporation ("CNPC"), that the Saha-1 Well was "spudded" at 7:00 am Niger time (6:00 am GMT) on October 30, 2006.
The Saha-1 Well, which is expected to be drilled to a total depth of approximately 3,600 meters, is the first of three back-to-back exploration wells planned for the Tenere Concession during the First Exploration Period. Through a wholly-owned subsidiary, TG World holds a 20% carried interest in the well and the Tenere Concession.
"This is great news," said TG World CEO Clifford James. "The top drive was the last major piece of equipment to be delivered and we are advised that it is now installed and operating. CNPC has expended considerable effort to provide equipment in advance for any eventuality in the drilling program - for all three wells. They are applying the expertise gained from their Sudan and Chad discoveries and we anticipate a highly professional drilling campaign."
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 Petronas and Exxon have so far drilled six announced oil discoveries and one gas discovery. 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, through a wholly-owned subsidiary, entered into a major exploration project through the formation of a joint venture on the Central North Slope of Alaska with Brooks Range Petroleum Corporation ("BRPC"), a wholly owned subsidiary of Alaska Venture Capital Group, LLC. The BRPC / TG World Joint Venture ("JV") was formed as an exploration strategic alliance covering a large area of mutual interest on the Alaskan North Slope. Membership in the JV was expanded in June 2006 with the addition of Ramshorn Investments, Inc., a wholly owned subsidiary of Nabors Drilling USA, LP, and in October 2006, with the addition of Bow Valley Alaska Corporation, a wholly-owned subsidiary of Bow Valley Energy Ltd. The Company's 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.
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