TG World spuds North Shore No. 1 well
2007-02-08 11:22 MT - News Release
Mr. Clifford James reports
TG WORLD PROVIDES CENTRAL NORTH SLOPE ALASKA JOINT VENTURE UPDATE
TG World Energy Corp. is providing an update on the Alaska Central North Slope winter 2006-2007 exploration drilling program, which is being carried out by the project operator, Brooks Range Petroleum Corp. (BRPC), a wholly owned subsidiary of Alaska Venture Capital Group (AVCG).
BRPC has informed its joint venture partners that Nabors Drilling Alaska rig No. 16E spudded the North Shore prospect on Feb. 8, 2007. The North Shore No. 1 well will test an oil prospect on state of Alaska oil and gas lease ADL 47468, which was recently acquired by BRPC via a farm-out arrangement with the current lessees. TG World's working interest in the prospect is 35 per cent.
The North Shore No. 1 well aims to confirm an Ivishak oil accumulation that was originally tested by Mobil in 1974. The 1974 well tested oil at a flow rate of 2,263 barrels per day, on a restricted choke, of 35-degree API gravity oil through 35 feet of perforations. The prospect sits in a separate fault block just north of the giant Prudhoe Bay field. Based on available 3-D seismic data, Larry J. Smith, chief geophysicist of BRPC, said: "We have identified a structural closure of interest on 3-D seismic. Today's 3-D seismic technology and 3-D mapping techniques were not available to Mobil when they drilled their well, making it difficult for them to map reservoir geometry."
After the completion of the North Shore No. 1 operations, Nabors rig No. 16E is expected to move (approximately a mile and a half) north to drill the Sak River No. 1 well, an independent Kuparuk/Ivishak test of the Gwydyr Bay prospect. TG World's working interest in the Sak River No. 1 prospect is 35 per cent.
Mr. Smith also said: "BRPC is in the final stages of planning, permitting and designing the 130-square-mile North Shore 3-D seismic survey to be acquired beginning in early March, 2007, by Kuukpik Veritas. This survey will provide coverage of the BRPC group's acreage position in the Gwydyr Bay area."
BRPC provided the following comments on the well rig-up operations. Bo Darrah, chief executive officer of BRPC, said: "Brooks Range Petroleum Corp. is committed to safe operations and economic growth, providing jobs for Alaskan's, while leading the way in environmental stewardship. We place a high priority on purchasing goods and services locally, and we are committed to giving local contractors and suppliers the opportunity to participate in our projects through the competitive bid process."
Bart Armfield, vice-president of operations for BRPC, said, "All of the vendors and contractors are providing services in a safe and cost-effective manner." Besides Nabors, other vendors and contractors for BRPC include Kuukpik LCMF for surveying, Nanuq Inc. for ice road/pad construction and Kuukpik Arctic Catering for camp services.
Jim Winegarner, vice-president of land and external affairs for BRPC, said, "The BRPC group appreciates those who have made our progress on this project possible, including the State of Alaska, the North Slope Borough, Alaska Clean Seas and the major facility owners on the North Slope."
TG World has made a series of photographs from the North Shore No. 1 operation available on its website.
We seek Safe Harbor.
K.D.
