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Re: News Releases - Monday, January 30, 2012
NEWS RELEASE -- EAGLEWOOD ENERGY ANNOUNCES PPL 259 FARM OUTS
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30th January 2012 TSX-V/Oslo Axess: TSU
Vancouver, Canada: - Transeuro Energy Corp. ("Transeuro" or the
"Company") announces the news released by Eaglewood Energy Inc
("Eaglewood") regarding the sale of interest in PPL 259 in Papua New
Guinea. Transeuro has a back-in option until three wells are drilled on
the Petroleum Prospecting Licenses (PPL) held by Eaglewood in PNG (at
the time that Transeuro transferred its interest in the licenses), to
acquire 10% of all four Licenses by paying 10% of the exploration
costs, provided the licenses are still valid. To date two of the three
wells have been drilled, resulting in the Ubunti gas condensate
discovery. In November 2011 Eaglewood sold its interest in PPL 260,
although the Transeuro back-in option related to this license is still
available to Transeuro until the third well is drilled. The following
is an extract from the Eaglewood January 24th, 2012 news release:
"Eaglewood Energy Announces PPL 259 Farmouts"
CALGARY, Alberta, Canada -- January 24, 2012 - Eaglewood Energy Inc.
("Eaglewood") is pleased to announce that it has executed farmout
agreements with Ketu Petroleum Ltd, a wholly owned subsidiary of
Horizon Oil Ltd (a company listed on the Australian Stock Exchange
("Horizon") and Mega Fortune International Ltd ("Mega"), currently a
10% equity participant in Eaglewood's PPL 259 and PRL 28. Each farmout
is for 25% of Eaglewood's 90% equity interest in PPL 259 in the Western
Province of PNG. In the event of completion of both transactions,
Eaglewood will continue to own a 40% equity interest in PPL 259 and
retain operatorship.
Horizon is the operator of PRL 4 which contain the Stanley discovery
and is adjacent to the western end of PPL-259. Horizon is also the
operator of PRL 21 which contains the Elevala and Ketu discoveries and
is adjacent to the Ubunti-1 discovery (PRL-28) drilled by Eaglewood
last year. Mega was already an equity participant in PPL 259 and as
such had a right to acquire an additional 25% on the same terms as the
Horizon transaction.
To earn their respective 25% interests, each of Horizon and Mega will
pay to Eaglewood USD $15.4 million, comprised of USD $2.68 million upon
completion of the agreement for Eaglewood's sunk costs, and in addition
to funding their 25% equity position, each will pay USD $1.375 million
to cover Eaglewood's expenses in the upcoming PPL 259 seismic program
and USD $5 million to cover Eaglewood's expenses in the next well to be
drilled in PPL 259. Both transactions are conditional upon receipt of
regulatory approvals and other customary conditions.
The Company's Chairman, Mr Aage Thoen, commented: "The value indicated
by this transaction and the recent success of the Elevala-2 well
drilled by Horizon Oil in the immediate vicinity are positive for the
back in option. Additional value comes from the option to acquire 10%
of PPL 260 held by Exxon Mobil and Oil Search and in the offshore PPL
257 that contains the sizeable Buna prospect. We continue to watch
developments in the area and await the results of the third well."
ABOUT THE COMPANY
Transeuro is involved in the acquisition of petroleum and natural gas
rights, the exploration for, and development and production of crude
oil, condensate and natural gas. The Company owns 100% of a gas
producing property located in British Columbia, Canada and has interest
in gas exploration and appraisal developments in Crimea, Ukraine. In
addition, the Company holds a back-in option to Eaglewood Energy Inc.'s
exploration licenses in Papua New Guinea.
On behalf of the Board of Directors
Aage Thoen, Chairman
For further information contact:
Darren Moulds, IR, +1 403 705
1919
Karen Jenssen, IR, +47 91729787
http://www.transeuroenergy.com
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
nor the Oslo Axess accepts responsibility for the adequacy or accuracy
of this release. The statements contained in this release that are not
historical facts are forward-looking statements, which involve risks
and uncertainties that could cause actual results to differ materially
from the targeted results. The Company relies upon litigation
protection for forward looking statements.
This press release contains "forward-looking information" which may
include, but is not limited to, statements with respect to our
operations. Such forward-looking statements reflect our current views
with respect to future events and are subject to certain risks,
uncertainties and assumptions. See our Annual Information Form for a
description of risks and uncertainties relevant to our business,
including our exploration and development activities. Test production
rates may vary from sustained production rates when developing a well
or a deposit. The commerciality of any discovery can be affected by
many factors including product prices, operating costs, capital costs,
government take and sustained production levels and ultimate recovery
of hydrocarbons. Hydrocarbon indications from drilling or wireline log
data do not necessarily mean that mobile hydrocarbons are present in
the formation or can be produced.
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Copyright (c) 2012 TRANSEURO ENERGY CORP. (TSU) All rights reserved.
For more information visit our website at
http://www.transeuroenergy.com/ or send mailto:info@transeuroenergy.com
Message sent on Mon Jan 30, 2012 at 6:43:37 AM Pacific Time
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Transeuro Energy Corp.
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CODE : TSU.V |
ISIN : 8936511093 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Transeuro Energy is a and oil exploration company based in Canada. Transeuro Energy holds various exploration projects in Armenia, in Canada, in Papua New Guinea and in Ukraine. Its main exploration properties are BEAVER-RIVER in Canada, CRIMEA in Ukraine and BLOCK 2 in Armenia. Transeuro Energy is listed in Canada and in United States of America. Its market capitalisation is CA$ 6.9 millions as of today (US$ 6.2 millions, € 4.9 millions). Its stock quote reached its highest recent level on August 05, 2005 at CA$ 3.20, and its lowest recent point on May 09, 2014 at CA$ 0.02. Transeuro Energy has 345 230 016 shares outstanding. |