Vancouver, Canada: - Transeuro Energy Corp.
("Transeuro" or the "Company") issues a weekly update
on its Ukraine operations.
The well is drilling ahead at a depth of 3,364 metres
with continuous background gas and connection gas
up to 20% by volume. Following the gas kick at 3,332
metres, the mud weight was increased to 1.35 s.g
(specific gravity) and drilling resumed. A further
gas kick occurred and mud weight was again increased,
up to 1.47 sg. Drilling has again resumed, but the
Rate of Penetration (ROP) has now dropped to
1 metre/hour and is expected to remain low until the
middle of the C14 interval.
Over the next week the Company expects to drill to
the 'Total Depth' (TD) of around 3,520 metres.
Further pressure step increases may be encountered
based on the data from nearby wells.
The Company also announces that Bruce Colwill is
stepping down as Chief Financial Officer and will be
replaced by Derek Page. We thank Bruce for his
valuable contributions over the last 8 months and
wish him every success in the future, and we welcome
Derek on to the management team.
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 91729787
§
§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.
Ekstern link: www.newsweb.no/index.jsp?messageId=275454