TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

October 25, 2010 08:00 ET

TG World Provides Operations Update on Tindalo-1 Sidetrack

CALGARY, ALBERTA--(Marketwire - Oct. 25, 2010) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") announces that project partner and operator of Service Contract 54A ("SC 54A") in the Philippines, Nido Petroleum Ltd. ("Nido"), has provided the following update on the Tindalo-1 sidetrack.

"Since the last update:

  • production continued whilst specialized diagnostic equipment was mobilised to the Aquamarine Driller;
  • a suite of diagnostic testing has been undertaken on the well using a coiled tubing deployed production logging tool (CT-MPLT);
  • the acquired diagnostic data indicates that mechanical failure has resulted in early water influx in the sidetrack and is due to the packer system failing to provide adequate isolation. The water ingress to the sidetrack is likely from the same water source as supplied the original vertical wellbore and is being produced via the sidetrack liner annulus into the sidetrack itself past the failed packer. Little or no water is coming from the open hole section of the sidetrack;
  • following careful and thorough assessment and review of available alternatives, the SC 54A Joint Venture has agreed that the most appropriate remediation option is to workover the well and re-run the liner and completion to reinstate isolation of the liner annulus;
  • production from the well will continue whilst all necessary equipment, materials and personnel are mobilised to the rig. Current production rate is 8,000 bfpd with a watercut of 75%;
  • workover activities are expected to commence in early November and are anticipated to take two weeks to complete.

Nido will provide a further update on the progress of operations in the coming weeks."

Corporate Profile

TG World is a Calgary-based, junior international oil and gas company with exploration, development and production 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 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. 

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). Forward-looking statements respecting the timing and nature of remediation activities at the Tindalo well are based on the discussions carried out to date with Nido, the results of prior and current exploration, development and production activities, technical information provided to TG World by Nido, and the current budget and plan for exploration, development and production activities (which are all subject to change). 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 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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