Transeuro Energy Corp.
TSX VENTURE : TSU
OSLO STOCK EXCHANGE : TSU

Transeuro Energy Corp.

February 03, 2011 11:39 ET

Transeuro Energy Corp.: Update on Ubuntu-1 Well in PNG

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 3, 2011) - Transeuro Energy Corp. ("Transeuro" or the "Company") (TSX VENTURE:TSU)(OSLO:TSU) announces the news released by Eaglewood Energy Inc. ("Eaglewood") 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 February 1, 2011 news release:

"OPERATIONAL UPDATE ON UBUNTU-1 WELL"

As at 09:00 hrs (GMT +10 hrs),the Ubuntu-1 well was drilling ahead in 6" hole at 3,453 metres, after having successfully drilled and cased the 8 1/2" hole to 3,235 metres.

Data acquisition during drilling is limited to LWD Gamma Ray log data and mud logging data. Preliminary evaluation of the LWD Gamma Ray data indicates that the first two of the three primary targets, namely the Elevala sandstone and the Toro sandstone, are present in the Ubuntu-1 well as per prognosis. Gas shows have been observed, however a quantitative assessment can only be made after wireline logging, pressure measurement and sampling programmes have been completed and the data interpreted.

Over the course of the next few days, the anticipated operations will be to drill the 6" hole through the remaining undrilled primary and secondary reservoir targets to the top of the Basement at the well's total depth of approximately 3,600 metres. Wireline logs, pressure measurements, and downhole samples will be acquired once total depth has been reached. Once the appropriate data have been acquired and analysed, the results are expected to be announced on Monday prior to market open.

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 New Guinea.

On behalf of the Board of Directors

Aage Thoen, Chairman 

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.

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.

Contact Information

  • Transeuro Energy Corp.
    Chris McGillivray
    IR
    +1 604 728 0040
    or
    Transeuro Energy Corp.
    David Parry
    SVP
    +1 604 681 3939
    or
    Transeuro Energy Corp.
    Karen Jenssen
    IR
    +47 91 729787
    www.transeuroenergy.com