News17th February 2011 TSX-V/Oslo Axess: TSU
Vancouver, Canada: - Transeuro Energy Corp.
("Transeuro" or the "Company") is please to announce
it has successfully drilled to the logging depth of
3,507 metres in the 'C16' Cretaceous interval.
Logging operations are now ongoing to acquire the
standard set of wireline logs, plus a log to identify
the location and orientation of natural fractures in
the rock, and finally a pressure tool to confirm the
reservoir pressures that will also be used to
identify the thickness (vertical height) of the gas
columns in the wellbore. Logging operations are
expected to last less than a week.
The 51-101 compliant resources estimates for the
Karlavskoye field prepared by Fekete Associates Inc.
suggest nearly 0.5 Tcf (Trillion cubic feet) of gas
in place (discovered resources) with additional
condensate (offset well data suggests a yield in the
range of 40-60 barrels per million cubic feet of gas
at these depths). The report can be downloaded at
https://www.transeuroenergy.com/s/ReserveReports.asp.
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.
The Fekete report assumes a gas column thickness of
70 metres combined from the 6 main 'Cretaceous
intervals' (the Turonian, C12, C13, C14, C15 and
C16). Determining the thickness of the overall gas
column is one of the key objectives of the Karl-101
well and has the possibility to significantly impact
the volume of gas in place, together with the average
porosity derived from the standard logs.
Based on the drilling data obtained to date, the
Company has identified 4 'gas zones' with different
pressures within the Cretaceous intervals, and 12
potential 'reservoir sections' within these gas
zones. The wire line logs will define which of these
reservoir sections will be perforated during testing
operations and how many separate tests will be
performed over the coming weeks. Each individual test
is expected to take around 2 weeks with potentially 3
to 5 test required overall, lasting up to 2 months.
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
For further information contact: Chris
McGillivray, IR, +1 604 728 0040
David Parry, SVP, +1 604 681 3939
Karen
Jenssen, IR, +47 91 729787
https://www.transeuroenergy.com
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.