CALGARY, ALBERTA – TG World Energy Corp. (TSX-V: TGE) (“TG World” or the “Company”) announces that project partner and operator of Service Contract 54A in the Philippines, Nido Petroleum Ltd., has provided the following update on the Tindalo-1 well.
“Nido Petroleum Limited (“Nido”), as Operator of Service Contract 54A (“SC 54A”), is pleased to advise that the Tindalo-1 well intervention and remediation programme has commenced. Since the previous update on 30 August 2010:
- The support vessel M/V Pacific Ariki arrived at the Tindalo location on 5 September with the items necessary for the well intervention and equipment and materials are being transferred from the support vessel to the rig;
- The Tindalo-1 well has now been shut-in and re-entry operations have commenced;
- Diagnostic logging will be undertaken early in the programme to determine the selection of the most appropriate option to remedy the water influx into the well; and
- The well intervention and remediation programme is scheduled to take 10-17 days to complete.
Other operational highlights include:
- Some 196,000 barrels of oil (@60°F) are now in the storage tanks of the FSO; and
- The offtake of the first cargo is currently scheduled for 16-18 September, subject to weather.
Nido will provide a further update on the progress the in-field operations once the results of the diagnostic logging have been analysed.”
TG World is a Calgary-based, junior international oil and gas company with diversified exploration and development operations in the Philippines, Alaska and Niger.
TG World (BVI) Corp. (a wholly owned subsidiary of TG World) is partnered with operator Nido Petroleum Ltd., Kairiki Energy Ltd. and Trafigura Ventures III BV in a joint venture for Service Contract 54A (“SC 54A”) in the North West Palawan Basin of the Philippines.
TG World Energy Inc. (a wholly owned subsidiary of TG World) is partnered with operator Brooks Range Petroleum Corp., Alaska Venture Capital Group, Brooks Range Development Corp. and Ramshorn Investments Inc. in a joint venture that is pursuing oil and gas opportunities on the Central North Slope of Alaska.
TG World Petroleum Ltd. (a wholly-owned subsidiary of TG World) is partnered with operator CNPCIT, a unit of the China National Petroleum Company, in the Ténéré Block oil and gas concession in the Republic of Niger, Africa.
Further Information: Dean Callaway, CFO and Vice President, Finance (403) 265-4506
Ian McColl, Investor Relations Analyst (403) 265-4506
Certain information set out in this News Release constitutes forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are based upon the opinions and expectations of management of the Company as at the effective date of such statements and, in some cases, information supplied by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward-looking statements. These factors include, but are not limited to, such things as general economic conditions in Canada, the United States, Niger, the Philippines and elsewhere, the volatility of prices for oil and gas and other commodities, commodity supply and demand, fluctuations in currency and interest rates, inherent risks associated with the exploration of oil and gas properties (including mechanical problems), ultimate recoverability of reserves, production, timing, results and costs of exploration and development activities, political or civil unrest, availability of financial resources or third-party financing, availability of equipment and personnel and new laws and regulations (domestic and foreign). Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this News Release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes. Forward-looking statements respecting the development and production of the Tindalo-1 well (including the timing and nature of the well intervention and remediation) are based on the discussions carried out to date with Nido, the results of prior exploration and development activities, the results of current exploration and development activities, technical information provided to TG World by Nido and the current budget for exploration and development activities (which are all subject to change). Forward-looking statements of TG World contained in this News Release are expressly qualified, in their entirety, by this cautionary statement. Additional information relating to various risk factors to which TG World is exposed in the conduct of its business (and which may affect the expectations or outcomes reflected in the forward-looking statements contained in this News Release) are described in publicly available documents filed by TG World with certain securities regulatory authorities in Canada, which are available through SEDAR at www.SEDAR.com.
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