TG World Energy Corp. provides an update on the Alaska Central North Slope winter 2008 exploration program, which is being carried out by the project operator Brooks Range Petroleum Corporation (“BRPC” or the “Operator”).
BRPC has informed the joint venture (“JV”) participants, TG World Energy Inc., Bow Valley Alaska Corporation and Ramshorn Investments Inc., that the Tofkat #1 exploration well has reached a total vertical depth of 7,703 feet (13,174 feet measured depth). The Operator has reported that the well encountered several zones which indicated hydrocarbon potential. These zones will be evaluated through logging and testing. A decision has been made by the working interest owners to side track the well for appraisal after initial logging and testing is completed. More information is expected to be available by the end of March, 2008.
Under the terms of the JV, TG World will, by paying 35.7% of the well costs, earn a 25% working interest in the complete Tofkat prospect area. Tofkat #1 is situated just east of the Native village of Nuiqsut along the east side of the Colville River, and 5kms to the south-east of the Nanuq/Alpine oil fields.
The President and CEO of TG World Energy Corp., Clifford M. James, noted that: "While various tests must be undertaken and the results of those tests analyzed before we are able to draw any conclusions concerning commerciality, we are encouraged with the indications of hydrocarbons noted during the drilling process."