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Re: News Releases - Wednesday, November 14, 2012
NEWS RELEASE -- UKRAINE UPDATE
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Calgary, Canada: - Transeuro Energy Corp. ("Transeuro" or the
"Company") announces that the Company has suspended operations on
Karl-101 after failing to achieve a commercial gas rate from the lower
intervals. Prior to suspending operations the well tested a production
rate of approximately 5000m3/d of gas and 170m3/day of water.
The Company is now reviewing the results and discussing the forward
programme with its government partner. These discussions include the
abandonment of Karl-101, the possibility to continue with development
of the Krasnapolianskoye field independent of Karl-101 and the
objectives and well design for another well 'Karl-102'.
David Worrall, President & CEO commented, "We are disappointed with the
results on Karl-101, which questions the commerciality of the
Cenomanian intervals at the 101 well location. The gas flows obtained
so far do support a further review of the Karlavskoye structure,
including the potential of the deeper Albion reservoirs and
consideration of additional drilling. In the short term we are now
changing focus to the adjacent Krasnapolianskoye field and the 2
shallow wells that are available for production with a view to
establish first gas sales next year. We are preparing plans to finish
construction of the gas plant, re-issuing the Krasnapolianskoye license
that expires this month and renewing the Joint Activity Agreements
ready for the next phase of activity".
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.
On behalf of the Board of Directors
Aage Thoen, Chairman
For further information contact:
Darren Moulds, IR, +1 403 705
1919
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 Wed Nov 14, 2012 at 6:35:40 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. |