TG World: Central North Slope Well Spuds
TG World Energy Corp. has issued an update on the Alaska Central North Slope winter 2006-07 exploration drilling program, which is being carried out by the project operator, Brooks Range Petroleum Corp. ("BRPC" or the "Operator"), a wholly owned subsidiary of Alaska Venture Capital Group ("AVCG").
BRPC has informed their joint venture partners that Nabors Drilling Alaska Rig #16E has spud their North Shore prospect on February 8, 2007. The North Shore #1 well will test an oil prospect on State of Alaska oil and gas lease ADL 47468, which was recently acquired by BRPC via farm-out arrangement with the current Lessees. TG World's working interest in the prospect is 35%.
The North Shore #1 well aims to confirm an Ivishak oil accumulation that was originally tested by Mobil in 1974. The 1974 well tested oil at a flow rate of 2,263 BPD, on a restricted choke, of 35 API gravity oil through 35 feet of perforations. The prospect sits in a separate fault block just north of the giant Prudhoe Bay field. Based on available 3D seismic data, Larry J. Smith, Chief Geophysicist of BRPC said, "We have identified a structural closure of interest on 3D seismic. Today's 3D seismic technology and 3D mapping techniques were not available to Mobil when they drilled their well making it difficult for them to map reservoir geometry."
After the completion of the North Shore #1 operations, Nabors Rig #16E is expected to move (approximately a mile and a half) north to drill the Sak River #1 well, an independent Kuparuk/Ivishak test of the Gwydyr Bay prospect. TG World's working interest in the Sak River #1 prospect is 35%.
Larry J. Smith also said "BRPC is in the final stages of planning, permitting and designing the 130 square mile North Shore 3D seismic survey to be acquired beginning in early March 2007 by Kuukpik Veritas. This survey will provide coverage of the BRPC Group's acreage position in the Gwydyr Bay area."
BRPC provided the following comments on the well rig-up operations. Bo Darrah, CEO of BRPC, said "Brooks Range Petroleum Corporation is committed to safe operations and economic growth, providing jobs for Alaskan's, while leading the way in environmental stewardship. We place a high priority on purchasing goods and services locally, and we are committed to giving local contractors and suppliers the opportunity to participate in our projects through the competitive bid process."
Bart Armfield, Vice President of Operations for BRPC, said "All of the vendors and contractors are providing services in a safe and cost effective manner." Besides Nabors, other vendors and contractors for BRPC include Kuukpik LCMF for surveying, Nanuq, Inc. for ice road/pad construction and Kuukpik Arctic Catering for camp services.
Jim Winegarner, Vice President of Land and External Affairs for BRPC, said "The BRPC Group appreciates those who have made our progress on this project possible, including the State of Alaska, the North Slope Borough, Alaska Clean Seas and the major facility owners on the North Slope."
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 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 Saha-1 exploration well, the first of a three-well back-to-back program, reached total depth on January 16, 2007 and a testing program is currently underway.
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 182,394 net acres of lease lands and an AMI under which additional lands may be acquired. The Company has a 35% working interest in the three well Gwydyr Bay program planned for 2007.
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