re: TGE.V - Transworld Energy C$0.58 - News out
now that their contractual position and concession status is clear, the company is finally in the mood of updating on develpments also.. Good change in their "operating mode" I say. Today they are referring to the oil find and new well on the neigbouring permit by Petronas/Exxon..
Meager marketcap on TGE.V still.. can easily go up 2-4 fold without being expensive yet..
biz.yahoo.com
TG World Energy Corp.: Tenere Concession Update; Petronas Strikes Oil on Agadem Block, Located Immediately Adjacent to Tenere Block
Thursday January 13, 10:07 am ET
CALGARY, ALBERTA--- TG World Energy Corp. (TSX VENTURE:TGE - News) :
The following is a verbatim reproduction of the Petronas news release issued on January 11, 2005
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PETRONAS STRIKES OIL IN NIGER
PETRONAS Carigali Niger Exploration & Production Ltd. (PCNEPL), a subsidiary of PETRONAS, has encountered hydrocarbons in the Agadem Block 1 Permit, Republic of Niger.
The Jaouro-1 exploration well was drilled in the Termit Basin about 1,000 kilometres east of Niamey, the capital of Niger. The well achieved a total depth of 2,462 metres. Production tests of the well resulted in a maximum flow rate of 2,540 barrels of oil per day.
PCNEPL is the operator of the Agadem Block 1 and holds 50% equity in the project. The other partners in the consortium are Esso Exploration and Production Niger Inc. and Esso Deutschland GmbH, both of which are subsidiaries of ExxonMobil.
The consortium will continue to evaluate the hydrocarbon potential of the Agadem Block 1.
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In response to the Petronas news release Clifford M. James, President of TG World Energy Corp stated:" This is very encouraging news for TG World shareholders in that an additional new pool oil discovery on the Agadem Block adds to the oil already discovered and moves Esso / Petronas closer to the threshold required for construction of an export development pipeline. In addition this new discovery continues to validate the overall play in the contiguous Tenere - Termit rift basin in which TG World Energy Corp has a 20% interest."
Tenere Block
The Tenere Block is contiguous with the Agadem Block held by Esso and Petronas, and includes an extension of the rift basin in which Esso has announced oil and gas discoveries in six separate pools, now totalling in excess of 350 million barrels of equivalent oil.
Agadem Block Operator, Petronas, is currently drilling three exploratory wells on behalf of the Esso-Petronas partnership in a program to discover additional oil in order to reach the threshold required for construction of an export development pipeline.
Any future oil discoveries in the Tenere Block could result in the construction of a new, independent oil export pipeline to tie in with existing pipelines in any of Algeria, Libya, Nigeria or the Sudan, if discovered reserves are sufficient; or they could be tied-in in partnership with a potential Esso-Petronas development at Agadem, to link up with the Chad-Cameroon pipeline operated by Esso.
TG World Energy's Interest in the Tenere Block and Current Status
TG World holds a 20% interest in the CNPCIT-operated Tenere Permit and will be carried by CNPCIT for all but minor elements of its 20% share of a Minimum Work Program which contemplates the acquisition of 1500 km of seismic and the drilling of three exploration wells, at an initial estimated cost of US $55 million. CNPCIT is a subsidiary of the China National Petroleum Company.
CNPCIT has advised TG World that a seismic acquisition crew operated by CNPC's geophysical subsidiary, BGP, is in Niger and has started ground preparations in order to begin acquiring data immediately.
The statements herein that are not historical facts are forward-looking statements. These statements address future events and conditions and so involve inherent risks and uncertainties. Actual results could differ from those currently projected. The various risks associated with the Tenere Block are more fully described in the Corporation's most recent Material Change Report, which was filed on SEDAR on September 7, 2004 and which is available at www.SEDAR.com.
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Contact:
TG World Energy Corp.
Clifford M. James
President & CEO
Phone: (403) 265-4506
Fax: (403) 264-7028 |
