By OGJ editors
HOUSTON, Sept. 11 -- An Alaska North Slope joint venture led by TG World Energy Corp., Calgary, plans to drill two exploration wells in the Gwydyr Bay Prospect Area, north of the Prudhoe Bay Unit in Alaska.
The JV intends to drill both wells from the same onshore well surface location to offshore subsurface targets (see related story, OGJ Online, Sept. 11, 2006). Both prospects, with potential stacked oil reservoir targets, have been identified via 3D seismic data mapping.
TG World will fund 50% of the well costs to earn 35% in Gwydyr Bay.
The company has approved $17 million for its 2006-07 Alaska exploration program. This budget allows for the drilling of a third well, the location of which will be determined through technical work now under way. If a suitable location is identified, this well also will be drilled during the 2006-07 winter drilling season, TG World said.
Meanwhile, negotiations are ongoing for the purchase of several trade 2D and 3D seismic data sets covering the JV prospect areas. A proprietary 3D seismic program is planned and budgeted for the 2006-07 winter season on JV lands. These seismic data are expected to be used to generate a prospect inventory for exploration drilling during the 2007-08 winter season.
The JV also plans to participate in the state land lease sale in October. And it is involved in efforts to acquire additional existing leases on the ANS as it seeks to consolidate the land position in JV prospect areas.
The ANS JV was formed in March by TG World and Brooks Range Petroleum Corp., a subsidiary of Alaska Venture Capital Group LLC, and project operator. In June, the JV expanded to include Ramshorn Investments Inc., a subsidiary of Nabors Drilling USA LP.