• North Shore 3D Seismic Survey Complete
TG World Energy Corp. and its joint venture partners Brooks Range Petroleum Corp. (“BRPC” or “the Operator”), Ramshorn Investments, Inc., and Bow Valley Alaska Corp. (collectively the “JV Partners”) announce the results of a two well exploration program on the North Slope of Alaska resulting in one discovery and one dry hole.
The North Shore #1 well reached a final total vertical depth of 10,319 feet (13,309 feet measured depth) in the Ivishak formation. The next operation is to case the well as a potential oil producer. The well is approximately 1,100 feet west of and appears to be comparable to the 1974 Mobil Gwydyr Bay South No.1 well, which flowed at an average rate of 2,263 bopd on production test from the same formation. The potential size and economic viability of this discovery will be evaluated using 3D seismic data which the JV Partners acquired over the prospect area during this winter season. A full testing program of the North Shore #1 well will be undertaken during the 2008 winter season.
BRPC has also informed the JV Partners that Nabors Rig 27-E did not encounter any oil charged sand formations while drilling the Sak River #1 well. The JV Partners have suspended the Sak River #1 well, pending further evaluation, for the possibility of drilling an exploratory sidetrack during the 2008 winter drilling season. The JV Partners expect to integrate the new well data with proprietary 3D seismic data to evaluate the sidetrack opportunity. The Operator has confirmed that the Sak River #1 well was drilled to a depth sufficient to test both Kuparuk and Ivishak sandstone formation targets. It reached a total vertical depth of 11,348 feet (13,110 feet measured depth).
In addition, the Operator has informed the JV Partners that field acquisition of approximately 130 square miles of data for the North Shore 3D seismic survey was completed on schedule by Kuukpik Veritas on March 31, 2007. Both the North Shore #1 and Sak River #1 well locations are imaged by the new 3-D seismic data.
“TG World is pleased to announce the North Shore No.1 discovery early in our North Slope Alaska exploration program,” said Cliff James, TG World President and CEO. “Clearly there is evaluation work still to be performed on the well to assess its potential. The partnership group is committed to developing this discovery as soon as possible. Our early success reaffirms our presence in the Central North Slope exploration program. Based on our current prospect inventory and together with the additions we anticipate will emerge and firm up from our recent seismic acquisition and data gathering program, we expect to see a multiple-well program in the 2008 winter season, and in the years to follow. With the results of North Shore No. 1 and the continuing multi-year exploration program covering approximately 309,000 acres of mineral rights the JV Partners control, we are confident that we will be able to build significant production and revenue for TG World.”
TG World has a 35% working interest in the North Shore #1 well and in all the JV leases covered by the recent proprietary 3D seismic survey.
