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April 24, 2008
Gas Produced to Surface in Karlavskoye 101 Well in Ukraine
Vancouver, Canada: - Transeuro Energy Corp. ("Transeuro" or the "Company")
provides an update of operations at the Karlavskoye 101 well.
While completing a downhole surge test of the upper sections of the
reservoir, Transeuro has produced the first gas to surface from the
Karlavskoye 101 well. The test is a requirement of the Ukraine
government regulations and the result physically confirms the presence
of gas in the well. Reservoir fluids were allowed to flow into the
drillpipe for a short period so that a sample could be captured in a
downhole chamber. The plans did not require the well to flow
continuously to surface. Once the downhole sample was captured, the
well was shut in and the remaining gas was removed from the
drill-string and flared. Photos of the current operations in Ukraine
are available at www.transeuroenergy.com
Operations are now continuing to drill the remaining 240 m to the
bottom of the target zones at 3,550 meters at the base of the C16
reservoir interval. The Company intends to log and run casing before
commencing full testing operations. As reported earlier, repeated gas
kicks and oil shows were seen in the upper reservoirs and it is
anticipated the well will be completed in the second quarter.
The 'discovered resources' attributed to the Karlavskoye field by
Fekete Associates Inc. under the Canadian 51-101 reserves reporting
standards has increased to a mean estimate of 474 billion cubic feet of
gas (85.32 million barrel of oil equivalent). Under the terms of the
Joint Activity Agreement with the local government partner
'Crymgeologiya', Transeuro has 72% of the profits derived from the
development of the Karlavskoye field. Upon closing of the JVA with RAG
(www.rohoel.at) of Austria and Transeuro will hold 36% and RAG 36% of
the profits.
Discovered resources are defined in the Canadian Oil and Gas Evaluation
Handbook, "Discovered resources are those quantities of oil and gas
estimated on a given date to be remaining in, plus those quantities
already produced from, known accumulations. Discovered resources are
divided into economic and uneconomic categories, with the estimated
future recoverable portion classified as reserves and contingent
resources, respectively. There is no certainty that it will be
commercially viable to produce any portion of the resources."
Transeuro Energy Corp. 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, Ukraine and Armenia, and through majority ownership
in Eaglewood Energy Inc, in Papua New Guinea.
On behalf of the Board of Directors
"Harold Hemmerich" President and CEO
For further information contact:
David Parry - Vancouver, Canada
+1 (604) 681 3939 Phone
[email protected]
http://www.transe uroenergy.com
Karen O. Jenssen - Oslo, Norway
+ 47 917 29 787 Phone
[email protected]
Gas Produced to Surface in Karlavskoye 101 Well in Ukraine
Vancouver, Canada: - Transeuro Energy Corp. ("Transeuro" or the "Company")
provides an update of operations at the Karlavskoye 101 well.
While completing a downhole surge test of the upper sections of the
reservoir, Transeuro has produced the first gas to surface from the
Karlavskoye 101 well. The test is a requirement of the Ukraine
government regulations and the result physically confirms the presence
of gas in the well. Reservoir fluids were allowed to flow into the
drillpipe for a short period so that a sample could be captured in a
downhole chamber. The plans did not require the well to flow
continuously to surface. Once the downhole sample was captured, the
well was shut in and the remaining gas was removed from the
drill-string and flared. Photos of the current operations in Ukraine
are available at www.transeuroenergy.com
Operations are now continuing to drill the remaining 240 m to the
bottom of the target zones at 3,550 meters at the base of the C16
reservoir interval. The Company intends to log and run casing before
commencing full testing operations. As reported earlier, repeated gas
kicks and oil shows were seen in the upper reservoirs and it is
anticipated the well will be completed in the second quarter.
The 'discovered resources' attributed to the Karlavskoye field by
Fekete Associates Inc. under the Canadian 51-101 reserves reporting
standards has increased to a mean estimate of 474 billion cubic feet of
gas (85.32 million barrel of oil equivalent). Under the terms of the
Joint Activity Agreement with the local government partner
'Crymgeologiya', Transeuro has 72% of the profits derived from the
development of the Karlavskoye field. Upon closing of the JVA with RAG
(www.rohoel.at) of Austria and Transeuro will hold 36% and RAG 36% of
the profits.
Discovered resources are defined in the Canadian Oil and Gas Evaluation
Handbook, "Discovered resources are those quantities of oil and gas
estimated on a given date to be remaining in, plus those quantities
already produced from, known accumulations. Discovered resources are
divided into economic and uneconomic categories, with the estimated
future recoverable portion classified as reserves and contingent
resources, respectively. There is no certainty that it will be
commercially viable to produce any portion of the resources."
Transeuro Energy Corp. 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, Ukraine and Armenia, and through majority ownership
in Eaglewood Energy Inc, in Papua New Guinea.
On behalf of the Board of Directors
"Harold Hemmerich" President and CEO
For further information contact:
David Parry - Vancouver, Canada
+1 (604) 681 3939 Phone
[email protected]
http://www.transe uroenergy.com
Karen O. Jenssen - Oslo, Norway
+ 47 917 29 787 Phone
[email protected]