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. 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 then 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.
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.
Contacts:
David Parry - Vancouver, Canada
+1
(604) 681 3939
Dparry@transeuroenergy.com
http://www.transeuroenergy.com
or
Karen
O. Jenssen - Oslo, Norway
+ 47 917 29 787
kjenssen@transeuroenergy.com
