TG World Energy hears of spuded Fachi West-1 well
2007-04-09 09:16 MT - News Release
Mr. Clifford James reports
TENERE (NIGER) PROGRAM UPDATE: TG WORLD ANNOUNCES COMMENCEMENT OF SECOND NIGER EXPLORATION WELL
TG World Energy Corp. has been advised by CNPC International Tenere Ltd., operator of the Tenere block, Niger, that CNPCIT has spuded the second well in the Niger exploration program, Fachi West-1, on April 7, 2007. The drilling rig was released from the previous well, Saha-1 on Feb. 25, 2007. The operator has mobilized the rig northward across lateral dunes from the Saha-1 location approximately 27 kilometres to the second location.
CNPCIT is a unit of the China National Petroleum Corp. The Tenere concession is held 80 per cent by CNPCIT and 20 per cent by TG World Energy, a wholly owned subsidiary of TG World.
TG World also provided additional information on the results of the first well, Saha-1. The last announcement concerning the Saha-1 exploration well was reported in Stockwatch on Feb. 28, 2007, at which time preliminary information respecting drill-stem testing was reported. TG World has subsequently received more detailed technical information on the drill-stem testing operations from CNPCIT.
Analysis confirms that one interval flowed oil in non-commercial quantities, along with water, on test. Sufficient data was recovered to indicate that a second interval tested is a tight reservoir.
"The test results from Saha-1 confirm the existence of a working hydrocarbon system in the Tenere Block," said TG World president and chief executive officer, Cliff James. "While we would obviously have preferred a commercial discovery on the first well, this is frontier exploration and we'll definitely settle for this result.
"Importantly, analysis of the Saha-1 data suggests that the Fachi West-1 location remains a compelling prospect for the second well in the drilling program," Mr. James added.
TG World's analysis of the provided Saha-1 test data indicates the presence of the following oil exploration play system elements:
* a working petroleum system, as indicated by oil on test, is reinforced by the drilling of two potential source rock intervals. Laboratory testing is scheduled to assess the richness and maturity of these two zones; and
* reservoir sandstones were encountered in the primary objective Sokor and Madama formations. Sandstones were also encountered in the Donga formation.
TG World has been advised by the operator that integration of Saha-1 data into Tenere concession mapping has commenced. Once all the data collected from Saha-1 are analyzed and available for integration, the existing prospect inventory will be rerisked and reranked, and a selection is expected to be made for the third exploration well, scheduled for drilling after Fachi West-1.
The operator also advised that its seismic acquisition crew is currently acquiring data in its adjacent Bilma concession, to which TG World is not a party. Once the Bilma program is concluded, the operator has advised that it intends to return the crew to the Tenere block to begin acquisition of an additional 700 kilometres of 2-D seismic.
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