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Tenere Concession Update

Source: Yahoo finance 8/10/2005, Location: Africa

TG World Energy Corp. announced that the Algerian national oil company, sontrach, has acquired the right to explore Niger’s Kafra Block, the southern border of which forms part of the northern border of the Tenere Block. Management of TG World is of the opinion, based upon its knowledge of regional geology, that the Kafra Block contains a continuation of the Cretaceous-Tertiary rift basin system to the north of TG World’s Tenere Block, abutting against the Niger-Algerian border. The Kafra Block is contiguous with the Algerian exploration block, Tafassasset, held by Sonatrach on the Algerian side of the border.

The Exploration Permit is reported to cover 23,737 square km, with a work commitment of 1,000 kms of 2D seismic (firm) in the first 4-year exploration period; 400 km seismic and two wells in a second exploration period; and 400 km and one well in a third exploration period. Minimum program expenditures are estimated at US$6 million (firm) for the first exploration period; US$15 million for the second period; and US$8.5 million for the third period, for a total of US$29.5 million.

The Sonatrach commitment, undertaken through its recently formed subsidiary, Sonatrach International Exploration and Development Corporation (Sipex), was signed in Niamey, capital of Niger, on June 9, 2005, by Sonatrach’s President Mr. Mohamed Meziane. The signing ceremony is reported to have been attended by the Algerian Energy and Mines Minister Mr. Chakib Khelil and the Niger Mines and Energy Minister Mr. Mohamed Abdoulahi, as well as Niger Ministry officials and other Sonatrach representatives.

TG World holds a 20% Carried Interest in the Tenere Permit, Niger, and the Operator, CNPCIT, holds an 80% interest. The minimum work program on the Tenere Block consists of 1,500 km seismic acquisition and three exploration wells. The minimum seismic acquisition obligation has been fulfilled. On June 18, 2005, CNPCIT completed the acquisition of 1,686.525 km of new 2D seismic.

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