UKRAINE & PAPUA NEW GUINEA UPDATE
Vancouver, Canada: - Transeuro Energy Corp. ("Transeuro" or the
"Company") issues an update on activities in Ukraine and Papua New
In Ukraine the Karl-101 well has intersected the top C12 reservoir at
3107 metres, with strong gas shows up to 28% by volume in the drilling
mud and, as at 6 am local time, was drilling ahead at 3116 metres. The
second potential interval within the C12 is anticipated from 3130-3145
metres and then the top C13 from around 3220 metres.
On January 17th Eaglewood Energy Inc. (TSX-V: EWD) ("Eaglewood")
released the following news regarding the Ubuntu-1 well in PPL-259 in
Papua New Guinea. Transeuro has a back-in option to acquire 10% of all
four Petroleum Prospecting Licenses held by Eaglewood in PNG after
three wells have been drilled on the licenses by paying 10% of the
exploration costs. The Ubuntu-1 well is the second of the three wells.
The following is an extract from the Eaglewood news release:
"OPERATIONAL UPDATE ON UBUNTU-1 WELL
As at 21:00 hrs (GMT +10 hrs), the Ubuntu-1 well was drilling ahead in
8 �" hole at 2600 metres, after having successfully drilled and cased
12 �" hole to 2405 metres. The Ubuntu-1 well is expected to reach total
depth of approximately 3600 metres in early February.
Over the course of the next week, the anticipated operations will be to
drill the remainder of the 8 �" hole to the top of the Alene Formation
at approximately 3220 metres, and set the 7" liner."
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's properties are located
in Canada, Armenia, and Ukraine. In addition, the Company holds a
back-in option to Eaglewood Energy Inc.'s exploration licenses in Papua
On behalf of the Board of Directors
Aage Thoen, Chairman
For further information contact:
Chris McGillivray, IR, +1 604 728 0040
David Parry, SVP, +1 604 681 3939
Karen Jenssen, IR, +47 91 729787
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) nor
the Oslo Bors 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.
Copyright (c) 2011 TRANSEURO ENERGY CORP. (TSU) All rights reserved.
For more information visit our website at
http://www.transeuroenergy.com/ or send mailto:email@example.com
Message sent on Wed Jan 19, 2011 at 7:32:23 AM Pacific Time