16th February 2011 TSX-V/Oslo Axess: TSU
Vancouver, Canada: - Transeuro Energy Corp.
("Transeuro" or the "Company") announces the news
released by Eaglewood Energy Inc ("Eaglewood")
regarding the Ubuntu-1 well in PPL-259 in Papua New
Guinea. Transeuro has a back-in option to acquire 10%
of all four Petroleum Prospecting Licenses held by
Eaglewood in PNG after three wells have been drilled
on the licenses by paying 10% of the exploration
costs. The Ubuntu-1 well is the second of the three
wells. The following is an extract from the
Eaglewood February 11, 2011 news release:
"OPERATIONAL UPDATE ON UBUNTU GAS CONDENSATE
DISCOVERY IN PPL 259"
Operational Update
Wire line logging and data acquisition programs have
been completed. The final stage of this program
included the recovery of downhole samples and
sidewall cores. The evaluation of this data will be
undertaken over the course of the next several weeks
and incorporated into future field appraisal. Current
operations on the rig are the running of the 5 inch
liner over the reservoir section. The well will then
be suspended as a future producer prior to the start
of rig demobilization, schedule to commence on Monday
February 14.
Forward Program
New seismic data is currently being acquired in PPL
259 over the Ubuntu, Elevala and Ketu discovery
fairway. Following completion of the data acquisition
program and integration of this data into the pre-
existing seismic and offset well dataset, all
outstanding well data, including detailed fluid and
sidewall core analysis, will be integrated into the
Ubuntu model over the coming months to further refine
the volume estimates. In addition, the Ubuntu Joint
Venture partners are currently establishing a future
data acquisition program prior to submission of an
Ubuntu Appraisal Plan to the Department of Petroleum
Energy.
During the period May 2009 to January 2011, the
Company has sold all of the Eaglewood shares (30
million shares) received from the sale of the PNG
assets to Eaglewood in August 2007. Total funds
received from the sales were $25,966,00 equating to
an average price of $0.87 per share.
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
§
§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.