TG World Provides Update Regarding Tindalo Well Workover Schedule

Tuesday, Aug 31, 2010

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. ("Nido"), has provided the following update on the Tindalo-1 well.

"Nido Petroleum Limited, as Operator of Service Contract 54A ("SC 54A"), is pleased to advise that the mobilisation of the material and equipment required for the Tindalo-1 well intervention and remediation programme has commenced with results expected from the workover before the end of September.

--  The support vessel M/V Pacific Ariki started loading the material

    required for the well intervention in Singapore on 27 August and will

    mobilise to the Tindalo location via Labuan, Malaysia; 

--  Well testing will continue until the Pacific Ariki delivers its cargo to

    the Aquamarine Driller and well re-entry operations commence, which is

    expected within 2 weeks, subject to weather. 

--  Diagnostic logging undertaken as the first step in the well intervention

    will determine the selection of the remediation option and all items

    necessary for the three options under consideration are being mobilised

    to site. 

--  The well intervention is expected to take 10-17 days to complete.

Well testing is continuing at the field location and the following can be confirmed since the previous update on 19 August 2010:

--  Disposal of some 278,000 barrels of the produced water stored on the FSO

    was completed successfully during a production shutdown from 22-28

    August; and 

--  Some 183,000 barrels of oil (@ 60 degrees F) are now in the storage 

    tanks of the FSO.

Nido will provide a further update on progress once well re-entry operations commence."

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.

 

Source: Market Wire