TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

October 12, 2005 09:54 ET

TG World Energy Corp., Tenere Concession Update: New Seismic Acquisition Added to Program

CALGARY, ALBERTA--(CCNMatthews - Oct. 12, 2005) -

- Operator CNPCIT Plans 865 Kilometers of New Seismic -- Acquisition To Begin Immediately

- Processing of Existing Seismic Data Complete and Being Interpreted

- TG World Receives all New Seismic Data in Calgary; Plans to Conduct Independent Interpretation

- Decision-Making Meeting for Q4 2005 and 2006 Program Scheduled for Mid-November in Beijing

TG World Energy Corp. (TSX VENTURE:TGE) ("TG World") is pleased to announce that the operator of the Tenere Permit, CNPC International (Tenere) Ltd. ("CNPCIT"), a unit of the China National Petroleum Corporation, has initiated a program to acquire an additional 865 kms of new 2D seismic data on the Tenere Bock. The new seismic is in addition to the 1,686.5 kms acquired earlier in 2005. (A news release setting out information concerning the 1,686.5 kms of existing seismic was disseminated by the Corporation on July 7, 2005.) Under the terms of the arrangements previously entered into with CNPCIT, TG World will be carried for the cost of the additional seismic.

CNPCIT has advised the Corporation that the new data is to be acquired to further evaluate and confirm specific prospects on the Tenere block, and to tie in the structure and stratigraphy of the Tenere Block with adjacent areas. CNPCIT has confirmed that it proposes to initiate the collection of the additional seismic data immediately, so as to take advantage of the continued availability of the BGP Inc. geophysical crew before it is assigned to other programs. (BGP Inc. is a subsidiary of China National Petroleum Corporation (CNPC)).

TG World also announced that it intends to independently interpret all of the new seismic data generated by current program, so as to be in a position to fully participate in the decision-making meeting (Tenere Operating Committee Meeting) that has been scheduled for mid-November in Beijing. Decisions are expected to be made at that meeting concerning key elements of the exploration program in Q4 and the Annual Work Program and Budget for 2006.

"The decision to acquire additional seismic data reflects CNPCIT's commitment to the Tenere program," said TG World CEO Cliff James. "The operator is devoting considerable effort and resources to the program, and is aggressively acquiring geophysical data keyed to confirming the best prospects for the three-well drilling obligation contemplated by the minimum work program and to reducing overall technical risk in drilling the wells. We look forward to working with CNPCIT in November in Beijing to establish further particulars of the exploration program."

TG World's independent processing of Line TD04-26 has confirmed that the data acquired on that line is of high quality.

The additional 865 km 2D seismic will bring the total amount of pre-drilling seismic collected by CNPCIT to 2,552 km.

The minimum work program for the Tenere Block consists of the acquisition, processing and interpretation of 1,500 km of seismic data and the drilling of three exploration wells. Operator CNPCIT holds an 80% interest in the Tenere Permit; TG World holds a 20% carried interest.

For more information on TG World Energy Corp and the Tenere Block Project, please visit the Company's website at http://www.tgworldenergy.com.

The statements herein that are not historical facts are forward-looking statements. Forward-looking statements (often, but not always, identified by the use of words such as expect, may, anticipate or will and similar expressions) may include plans, expectations, opinions, or guidance that are not statements of fact. Although the Corporation believes that the expectations reflected in such forward looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to certain risks and uncertainties that could cause actual results or outcomes to differ materially from those anticipated or implied by forward looking statements. TG World Energy Corp. does not assume responsibility for the accuracy and completeness of the forward looking statements and, subject to applicable law, does not undertake any obligation to publicly revise such forward looking statements to reflect subsequent events or circumstances. The forward looking statements of TG World Energy Corp. contained in this News Release or expressly qualified, in their entirety, by this cautionary statement. The various risks associated with the Tenere Block are more fully described in the Material Change Report, filed by the Corporation on SEDAR on September 7, 2004, which is available at www.SEDAR.com.

TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • TG World Energy Corp.
    Clifford M. James
    President & CEO
    (403) 265-4506
    (403) 264-7028 (FAX)
    Website: www.tgworldenergy.com