TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

September 13, 2010 08:30 ET

TG World Provides Operations Update on Tindalo-1 Well

CALGARY, ALBERTA--(Marketwire - Sept. 13, 2010) - TG World Energy Corp. (TSX VENTURE: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 the following update on the Tindalo-1 well intervention and remediation programme.

Tindalo-1 has been re-entered and the completion removed. The original programme next called for retrieval of the downhole perforation equipment to allow access to the wellbore for diagnostic logging which was proving to be a time-consuming exercise. Since the logging was a non-critical element of the remediation programme, the potential information gain was closely weighed against the cost to continue leading to a decision to cancel the logging program and proceed directly with the sidetracking of the well.

The sidetrack programme has now commenced following the successful cementing of the existing wellbore and will effectively provide a new well drainage location in the crestal part of the field. Details of the forward program are summarised below:

  • Drilling of Tindalo-1ST1 will commence today;
  • Tindalo-1ST1 will be drilled at a high angle to vertical and will intersect approximately 150m of reservoir section within the top 50m oil column;
  • Once drilled, Tindalo-1ST1 will be completed barefoot with pre-drilled, slotted liner;
  • The sidetrack activities are expected to be completed by the second half of September, following which the Extended Well Test will continue; and
  • The offtake window for the first cargo (oil produced to date from Tindalo) has been planned to coincide with well activities and is scheduled for 16-18 September, subject to weather."

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 ("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.

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 timing and nature of well intervention and remediation at the Tindalo-1 well 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 and plan for exploration and development activities (which are all subject to change). Forward-looking statements regarding the timing of the first oil offtake are based on the discussions carried out to date with Nido and applicable third parties, the results of current exploration and development activities and the current budget and plan for exploration and development activities (which are all subject to change). The timing of the offtake window is also subject to weather conditions. 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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