TG World Energy Corp.
TSX VENTURE : TGE

TG World Energy Corp.

November 20, 2006 11:00 ET

TG World Tenere Project Update

- Saha-1 Exploration Well Drilling Ahead; Results Expected January 2007 - 2nd Exploration Well Site 'Fachi West-1' Under Construction - New Seismic Data Received and Processed - Comprehensive Infrastructure Established by Project Operator

CALGARY, ALBERTA--(CCNMatthews - Nov. 20, 2006) - TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") is pleased to provide an update on the Tenere exploration program, which is being carried out by the project operator, CNPC International Tenere ("CNPCIT" or the "Operator"), a unit of China National Petroleum Corporation ("CNPC"). For past information concerning the Tenere Project, please refer to the Company's website at www.tgworldenergy.com. Unless otherwise indicated, operational information set out in this news release concerning the Tenere concession has been provided to TG World by CNPCIT.

Certain information set out in this News Release constitutes forward-looking information, including statements respecting the anticipated timing of various events associated with the exploration program on the Tenere concession (including timing of completion of the Saha-1 well) and the scheduled timing for the commencement of drilling of the Gwydyr well in Alaska. Readers should review the cautionary statement respecting forward-looking information that appears at the end of this News Release.

The Saha-1 exploration well is drilling ahead with a newly constructed, deep-drilling rig supplied by Great Wall Drilling Corporation of China. Rig GW-131 carries a 1600 HP draw works and a new, US-supplied Top Drive unit as well as a full range of new, contemporary ancillary equipment. Saha-1 commenced drilling on October 30, 2006. At the time of this release, the Operator has set 13 3/8" casing at approximately 1,172 metres and is drilling ahead below that depth.

Based on information from the Operator, the Company anticipates that the Saha-1 well will reach total depth (approximately 3,500 metres) in early January, 2007, at which time a full suite of logs will be run and a decision will be made whether to test the well. Logging and testing equipment is already mobilised to site.

The well site location for the second well, Fachi West-1, is currently under construction and the drilling pad and sump are expected to be completed in mid-December.

Once the GW-131 Rig is released from the Saha-1 drilling location, it is expected that it will take approximately one month to move the rig and commence drilling the second exploration well, Fachi West-1.

The seismic data acquired in the recent 2006 acquisition campaign has now been processed and is being interpreted by CNPCIT. CNPCIT acquired nearly 1,200 km of new data including infill seismic and new regional lines in the north of the Block. TG World has received copies of this new data which it plans to independently analyze prior to Technical and Operating Committee Meetings scheduled to be held in Beijing in mid-December.

A representative of TG World recently visited the Operator's Niger operations and provided a positive report to management of TG World respecting the drilling campaign and comprehensive in-country infrastructure established by CNPCIT. The Operator has acquired a large, enclosed area on the outskirts of Agadez, within which a camp has been constructed that includes living quarters and office facilities for about 40 full-time employees. Drilling equipment and consumables for all three wells have been mobilised to this site. A separate storage area has also been acquired, adjacent to the exit road from Agadez, to store pipe and casing for the drilling program.

A fleet of 20 desert-equipped specialised trucks has been assembled by the Operator to provide transportation of personnel and equipment, and a unit of CNPC specialised in desert transportation, China Petroleum Technical and Development Corporation (CPTDC), has established a halfway camp at the edge of the Tenere desert to address issues of maintenance, safety and security.

Commenting on the efforts of the Operator in relation to the Tenere Project, Cliff James, the President and Chief Executive Officer of TG World, noted, "In addition to mobilising brand new equipment for the entire campaign, CNPCIT is running a well-managed, well-organised operation with high priority on safety and the environment. We are very impressed with the operation."

TG World has made a series of photographs from the Tenere operation available on its web site at www.tgworldenergy.com/photos.html.

Corporate Profile

TG World is a Calgary-based, junior international oil and gas exploration company. Through a wholly-owned subsidiary, TG World holds a 20% carried interest in the Tenere Block, an oil and gas concession in the Republic of Niger, Africa, measuring 71,155 square kilometers (17.3 million acres). The Tenere Block contains the northern half of the Termit - Tenere Rift. The southern half is adjacent to the Agadem Block, where Petronas and Exxon have so far drilled six announced oil discoveries and one gas discovery. CNPCIT, a unit of CNPC, holds the other 80% of the Tenere concession and acts as operator of the project. The Saha-1 exploration well, the first of a three-well back-to-back program, began drilling on October 30, 2006.

On March 18, 2006, TG World, a wholly-owned subsidiary of TG World entered into a major exploration project through the formation of a joint venture with Brooks Range Petroleum Corporation ("BRPC"), a wholly owned subsidiary of Alaska Venture Capital Group, LLC. The BRPC / TG World Joint Venture ("JV") was formed as an exploration strategic alliance covering a large area of mutual interest on the Alaskan Central North Slope. Membership in the JV was expanded in June 2006 with the addition of Ramshorn Investments, Inc., a wholly owned subsidiary of Nabors Drilling USA, LP, and in October 2006, with the addition of Bow Valley Alaska Corporation, a wholly-owned subsidiary of Bow Valley Energy Ltd. The Company's indirect interest in the Central North Slope Alaska Joint Venture includes a 25 - 35% working interest in approximately 182,394 net acres of lease lands and an AMI under which additional lands may be acquired. The Gwydyr well, the first of an up to three-well back-to-back program, is expected to commence drilling in January 2007.

The statements contained in this News Release 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", "scheduled" or "will" and similar expressions) may include plans, expectations, opinions or guidance that are not statements of fact. Forward-looking statements are based upon the opinions, expectations and estimates of management as at the time such statements are made and, in certain cases, information provided or disseminated by third parties (such as CNPCIT), and are subject to a variety of risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated in or implied by such forward-looking statements. These factors include, but are not limited to, such things as 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 and development of oil and gas properties, ultimate recoverability of reserves, timing, results and costs of exploration and development activities, availability of financial resources or third-party financing, availability of drilling and related equipment and new laws and regulations (domestic and foreign).

Forward-looking information respecting anticipated exploration activities on the Tenere Concession is based upon advice received from the operator of the Tenere Project, CNPC International Tenere Ltd., which, in turn, is based, among other things, upon the current budget, development plans and overall strategy for exploration of the Tenere Concession developed by CNPC International Tenere Ltd., all of which are subject to change. Forward-looking information respecting anticipated drilling activities on the Alaskan North Slope is based, among other things, upon the current budget, development plans and overall strategy for exploration of joint venture properties in Alaska Developed by TG World and other joint venture participants, all of which are subject to change. Although management of the Company believes that the expectations reflected in such forward-looking statements are reasonable, there can be no assurance that such forward-looking statements will prove to have been correct. Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this News Release. The forward-looking statements of TG World Energy Corp. contained in this News Release are expressed 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.

The TSX Venture Exchange has neither approved nor disapproved the contents of this news release and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • TG World Energy Corp.
    Clifford M. James
    President and CEO
    (403) 265-4506
    or
    TG World Energy Corp.
    Paul Moon
    Director, Corporate Communications
    (403) 265-4506
    (403) 264-7028 (FAX)
    Email: info@tgworldenergy.com
    Website: www.tgworldenergy.com