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TGWE sees Alaska exploration on track
TG World Energy Corp. is revising its business arrangement with a company looking to buy its outstanding stock in light of recent developments at a Philippines prospect, but doesn’t expect the decision to impact its ability to explore its properties in Alaska.
Under the new agreement, TG World shareholders will get 0.458 of a common share of TVI Pacific Inc. for each TG World common share, down from a previous ratio of 0.67.
Calgary-based TG World is a partner is a multi-company joint venture exploring several prospects across the Alaska North Slope. The deal with TVI Pacific is designed in part to provide additional capital to fund that and other exploration work in its portfolio.
TVI a mining company TG World is a partner on the Tindalo well, an oil and gas property in the Philippines. TVI Pacific is a Calgary-based mining company focused on the Philippines and sees the deal as a way to create additional revenue streams close to its existing properties.
The companies made the change, though, after the operator of Tindalo abandoned the well and released the drilling rig that the joint venture planned to use on another well.
That won’t impact Alaska, though, according to TG World spokesman Ian McColl.
“The revisions to the terms of the TVI/TG Plan of Arrangement do not affect funding intentions for the Alaskan program,” McColl told Petroleum News in a Jan. 25 e-mail.
TG World shareholders are currently scheduled to vote on the deal in early March.
In Alaska, TG World is a partner in a joint-venture lead by Brooks Range Petroleum Corp. The companies plan to explore the North Tarn prospect this winter.
—Eric Lidji
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