New Press Release from TranseuroThis is adding to the $$$$$$ story building at TSU. Perfect timing with what is happening in the Ukraine.
UBUNTU-1 GAS CONDENSATE DISCOVERY IN PNG
Tekst
8th February 2011 TSX-V/Oslo Axess: TSUVancouver, Canada: - Transeuro Energy Corp.("Transeuro" or the "Company") announces the newsreleased by Eaglewood Energy Inc ("Eaglewood")regarding the Ubuntu-1 well in PPL-259 in Papua NewGuinea. Transeuro has a back-in option to acquire 10%of all four Petroleum Prospecting Licenses held byEaglewood in PNG after three wells have been drilledon the licenses by paying 10% of the explorationcosts. The Ubuntu-1 well is the second of the threewells. The following is an extract from theEaglewood February 7, 2011 news release:"GAS CONDENSATE DISCOVERY IN PPL-259"As at 00:00 hrs (GMT +10 hrs) preparations areunderway to suspend Ubuntu-1 as a condensate rich gasdiscovery. Wire-line log and pressures measurementdata suggest the well is capable of flowing gas atcommercial flow rates.Significant information from Ubuntu-1 is outlinedbelow:· The well has penetrated at least 10 metres ofnet gas bearing Elevala sandstone over the grossinterval of 3,305 - 3,330 metres· Wire-line pressure testing of six valid datapoints in the Elevala sandstone show a condensaterich gas gradient, indicating that the reservoircontains moveable gas and liquids. The gradient issimilar to high yielding condensate gas wells innearby offset wells Elevala and Ketu, suggesting thatthe gas could have similar properties.· The gas-water contact has not beenpenetrated, indicating the potential for additionalgas below the Elevala Sandstone intersection depth inUbuntu-1.· Estimations of reservoir permeability(indications of flow rates) based on log derivedporosity and six pressure data points suggest thatthe Elevala sandstone is of good quality and willflow gas and condensate.· As the Operator has currently mapped, thewell is located below the trap crest of the Ubuntustructure, which is approximately 1km to the West.At this time, wire-line pressure testing and samplingare continuing in order to establish the full extentof the hydrocarbon column and to recover hydrocarbonsamples from the reservoir for further testing andanalysis. Further appraisal will be required to fullydelineate the structure.Commenting on the discovery, Transeuro CEO DavidWorrall said; "the region around the Ubuntu-1 wellhas now delivered 4 discoveries out of 5 wells and weare excited at the prospect of exercising our back inrights after the third well is drilled to earn into10% of this prolific region, as well as 10% of theother three licenses. We are eagerly anticipating theremaining results from this well and the next".Transeuro is involved in the acquisition of petroleumand natural gas rights, the exploration for, anddevelopment and production of crude oil, condensateand natural gas. The Company's properties are locatedin Canada, Armenia, and Ukraine. In addition, theCompany holds a back-in option to Eaglewood EnergyInc.'s exploration licenses in Papua New Guinea.On behalf of the Board of DirectorsAage Thoen, ChairmanFor further information contact: ChrisMcGillivray, IR, +1 604 728 0040David Parry, SVP, +1 604 681 3939KarenJenssen, IR, +47 91 729787https://www.transeuroenergy.comNeither TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in thepolicies of the TSX Venture Exchange) nor the OsloBors accepts responsibility for the adequacy oraccuracy of this release. The statements contained inthis release that are not historical facts areforward-looking statements, which involve risks anduncertainties that could cause actual results todiffer materially from the targeted results. TheCompany relies upon litigation protection for forwardlooking statements.