TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

November 12, 2010 08:30 ET

TG World Provides Update on Remediation Activities for the Tindalo-1 Sidetrack

CALGARY, ALBERTA--(Marketwire - Nov. 12, 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 to the market detailed design and planning of the workover of the well have been completed and approved by the Philippine Department of Energy and the workover has commenced.

Highlights of the programme include:

  • The existing completion and liner are being removed from the well and a revised liner design will be installed prior to reinstallation of the production completion;
  • The revised liner design incorporates external packers to eliminate water production from behind the liner and sliding sleeves to allow for selective future production from the open borehole section;
  • Workover operations are expected to take approximately 2 weeks to complete; and
  • Following completion of the workover, the well will be tested to evaluate the success of the operation and to assess longer term productivity.

Nido wishes also to advise that the Extended Well Test (EWT) period expired on 2 November 2010. As a result future production from Tindalo will be subject to normal production sharing contract terms applicable in the Philippines."

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-1ST1 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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