TG World Energy Corp. Acquires Interest in Philippine Oil Project

Calgary-based TG World Energy Corp., a junior international oil and gas exploration company with a focus on Alaska, Niger and the Philippines, announced that it has signed farm-in agreements for a 12.5% equity interest in two Philippine offshore development-ready oil discoveries for a consideration of US$11.1 million. The farm-in is in a property known as Service Contract 54A (SC54A) located offshore in the North West Palawan Basin of the Philippines covering an area of 867 sq. km. and containing two development-ready oil discoveries, Tindalo and Yakal. Project partners in SC54A, after the farm-in is complete, include project operator Nido Petroleum Ltd. of Perth and Kairiki Energy Ltd., both of Perth, Australia, at 42.4% and 30.1% respectively and Trafigura Ventures III B.V. of Singapore at 15%. TG World will receive 7.6% of its acquired interest from Nido and 4.9% from Kairiki.