abarrelfullabarrelfull wrote on 09 Feb 2011 06:24
Tags: papua-new-guinea png transeuro tse upstream

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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 7, 2011 news release:


As at 00:00 hrs (GMT +10 hrs) preparations are underway to suspend Ubuntu-1 as a condensate rich gas discovery. Wire-line log and pressures measurement data suggest the well is capable of flowing gas at commercial flow rates.

Significant information from Ubuntu-1 is outlined below:

• The well has penetrated at least 10 metres of net gas bearing Elevala sandstone over the gross interval of 3,305 — 3,330 metres

• Wire-line pressure testing of six valid data points in the Elevala sandstone show a condensate rich gas gradient, indicating that the reservoir contains moveable gas and liquids. The gradient is similar to high yielding condensate gas wells in nearby offset wells Elevala and Ketu, suggesting that the gas could have similar properties.

• The gas-water contact has not been penetrated, indicating the potential for additional gas below the Elevala Sandstone intersection depth in Ubuntu-1.

• Estimations of reservoir permeability (indications of flow rates) based on log derived porosity and six pressure data points suggest that the Elevala sandstone is of good quality and will flow gas and condensate.

• As the Operator has currently mapped, the well is located below the trap crest of the Ubuntu structure, which is approximately 1km to the West.

At this time, wire-line pressure testing and sampling are continuing in order to establish the full extent of the hydrocarbon column and to recover hydrocarbon samples from the reservoir for further testing and analysis. Further appraisal will be required to fully delineate the structure.

Commenting on the discovery, CEO David Worrall said; "the region around the Ubuntu-1 well has now delivered 4 discoveries out of 5 wells and we are excited at the prospect of exercising our back in rights after the third well is drilled to earn into 10% of this prolific region, as well as 10% of the other three licenses. We are eagerly anticipating the remaining results from this well and the next".

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.

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