High Hopes: Transeuro starts drilling Karlavskoye natural gas, condensate field in the Ukraine

Source: Transeuro Energy Corp.

Transeuro Energy Corp. commenced drilling operations on Karl-101 in the Ukraine on Friday, Dec. 31. Drilling of the sidetrack will take place through January with first results from logging expected at the end of January. Testing operations will follow in February.

Transeuro has begun operations to re-enter the well and to sidetrack from 2750m to 3500m and to test up to 5 intervals, depending on results. Drilling operations are expected to take 30 days followed by two weeks for testing of each interval.

Transeuro has retained Dafora Drilling as the rig contractor and Integra Group as the IPM provider, both internationally recognized service companies.

Karlavskoye Field

The Karlavskoye field is proven by 9 wells that all produced gas and condensate. Third party estimates from Fekete Associates Inc. suggest nearly 0.5 Tcf (Trillion cubic feet) of gas in place with additional condensate.

The Karl-101 well was initially drilled in 2007/08 by Transeuro and data to 3500m was collected on the target reservoirs but a well control incident lead to the reservoir section being abandoned and the well was suspended in November 2008 at a depth of 2750m. Over 100 meters of net gas bearing reservoir was identified from logs and gas samples from 2800 - 3500m.

The Company is expecting to test 5 separate intervals with each targeting 5 mmcf/d (million cubic feet per day) per interval and a combined result over 20 mmcf/d and 1000 barrels per day of condensate, a total of 4500 boepd (barrels of oil equivalent per day).

The Karlavskoye field is the principal Ukraine asset and is located in Western Crimea. The main reservoirs were discovered in 1966 and proven with 9 wells that all produced gas and condensate to surface from multiple horizons in the Upper Cretaceous reservoirs from 2700m - 3500m.

The seismic and well data suggest the field is 10 km by 3km in size. Independent third party 'Gas In Place' has been estimated by Fekete Associates Inc. to be in the range of 160 - 854 Bcf (27-145 million
boe) with a mean of 472 Bcf (80 million boe).

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