TVI Pacific Operations in Niger

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Background

Before ceasing operations in the country, TVI Pacific carried a 20% interest in the Ténéré Block in Niger through its 100% owned subsidiary TG World Energy Corp.[1], which was formally acquired by TVI Pacific Inc. on 10 March 2011.[2] The company therefore began operating in Niger in March 2011, before withdrawing in January 2012.[3]

Withdrawal from Niger

Until January 2012, TVI Pacific was party to an agreement with Chinese National Petroleum Company International Ténéré Ltd (CNPCIT), a subsidiary of CNPC, to explore oil and gas properties in the Ténéré Block.[4] CNPCIT was the operator and funded 100% of the costs.[4] TVI Pacific made the decision to not participate in the second exploration phase of the Ténéré Block in Niger with CNPCIT after analyzing the final well data and reports from the Facai-1 exploration well drilled in August 2011. As of January 2012 TVI had withdrawn entirely from the contract area.[3]

The exploration efforts of TVI Pacific Inc. and CNPCIT had encountered some gas shows during drilling, but reports indicated there were no zones worth testing.[3]

In December 2011, prior to the start of the second phase of the exploration, TVI Pacific issued a notice of withdrawal, with the effective date of the withdrawal set as 31 January 2012.[3]

References

  1. "News Release: TVI Pacific Inc. Announces Commencement of Exploration Well in Niger, Africa" TVI Pacific Inc., retrieved 5 April 2012.
  2. "Company Overview of TG World Energy Corp." Business Week, retrieved 5 April 2012.
  3. 3.0 3.1 3.2 3.3 "TVI Pacific Inc. Withdraws From Niger Exploration Program" TVI Pacific Inc., retrieved 5 April 2012.
  4. 4.0 4.1 "Niger: CNPCIT spuds Tenere exploratory well" Oil and Gas Journal, retrieved 5 April 2012.