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TGE TG World Energy Corp

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Share Name Share Symbol Market Type
TG World Energy Corp TSXV:TGE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

TG World Announces Commencement of Tindalo-1 Well Intervention and Remediation

07/09/2010 2:00pm

Marketwired Canada


TG World Energy Corp. (TSX VENTURE:TGE) ("TG World" or the "Company") announces
that project partner and operator of Service Contract 54A in the Philippines,
Nido Petroleum Ltd., has provided the following update on the Tindalo-1 well.


"Nido Petroleum Limited ("Nido"), as Operator of Service Contract 54A ("SC
54A"), is pleased to advise that the Tindalo-1 well intervention and remediation
programme has commenced. Since the previous update on 30 August 2010:




--  The support vessel M/V Pacific Ariki arrived at the Tindalo location on
    5 September with the items necessary for the well intervention and
    equipment and materials are being transferred from the support vessel to
    the rig; 

--  The Tindalo-1 well has now been shut-in and re-entry operations have
    commenced; 

--  Diagnostic logging will be undertaken early in the programme to
    determine the selection of the most appropriate option to remedy the
    water influx into the well; and 

--  The well intervention and remediation programme is scheduled to take 10-
    17 days to complete. 



Other operational highlights include:



--  Some 196,000 barrels of oil (@60 degrees F) are now in the storage tanks
    of the FSO; and 

--  The offtake of the first cargo is currently scheduled for 16-18
    September, subject to weather. 



Nido will provide a further update on the progress the in-field operations once
the results of the diagnostic logging have been analysed."


Corporate Profile

TG World is a Calgary-based, junior international oil and gas company with
diversified exploration and development operations in the Philippines, Alaska
and Niger. 


TG World (BVI) Corp. (a wholly owned subsidiary of TG World) is partnered with
operator Nido Petroleum Ltd., Kairiki Energy Ltd. and Trafigura Ventures III BV
in a joint venture for Service Contract 54A ("SC 54A") in the North West Palawan
Basin of the Philippines. 


TG World Energy Inc. (a wholly owned subsidiary of TG World) is partnered with
operator Brooks Range Petroleum Corp., Alaska Venture Capital Group, Brooks
Range Development Corp. and Ramshorn Investments Inc. in a joint venture that is
pursuing oil and gas opportunities on the Central North Slope of Alaska. 


TG World Petroleum Ltd. (a wholly-owned subsidiary of TG World) is partnered
with operator CNPCIT, a unit of the China National Petroleum Company, in the
Tenere Block oil and gas concession in the Republic of Niger, Africa. 


Certain information set out in this News Release constitutes forward-looking
information. Forward-looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "plan", "continue", "estimate",
"expect", "may", "will", "intend", "could", "might", "should", "believe" and
similar expressions. Forward-looking statements are based upon the opinions and
expectations of management of the Company as at the effective date of such
statements and, in some cases, information supplied by third parties. Although
the Company believes that the expectations reflected in such forward-looking
statements are based upon reasonable assumptions and that information received
from third parties is reliable, it can give no assurance that those expectations
will prove to have been correct. Forward-looking statements are subject to
certain risks and uncertainties that could cause actual events or outcomes to
differ materially from those anticipated or implied by such forward-looking
statements. These factors include, but are not limited to, such things as
general economic conditions in Canada, the United States, Niger, the Philippines
and elsewhere, the volatility of prices for oil and gas and other commodities,
commodity supply and demand, fluctuations in currency and interest rates,
inherent risks associated with the exploration of oil and gas properties
(including mechanical problems), ultimate recoverability of reserves,
production, timing, results and costs of exploration and development activities,
political or civil unrest, availability of financial resources or third-party
financing, availability of equipment and personnel and new laws and regulations
(domestic and foreign). 

Accordingly, readers should not place undue reliance upon the forward-looking
statements contained in this News Release and such forward-looking statements
should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking statements respecting the development and production of the
Tindalo-1 well (including the timing and nature of the well intervention and
remediation) are based on the discussions carried out to date with Nido, the
results of prior exploration and development activities, the results of current
exploration and development activities, technical information provided to TG
World by Nido and the current budget for exploration and development activities
(which are all subject to change). Forward-looking statements of TG World
contained in this News Release are expressly qualified, in their entirety, by
this cautionary statement. Additional information relating to various risk
factors to which TG World is exposed in the conduct of its business (and which
may affect the expectations or outcomes reflected in the forward-looking
statements contained in this News Release) are described in publicly available
documents filed by TG World with certain securities regulatory authorities in
Canada, which are available through SEDAR at www.SEDAR.com.


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