Transeuro updates Ukraine well

Transeuro Energy Corp. provides an update of operations at the Karlavskoye 101 well.

While completing a downhole surge test of the upper sections of the reservoir, Transeuro has produced the first gas to surface from the Karlavskoye 101 well. The test is a requirement of the Ukraine government regulations and the result physically confirms the presence of gas in the well. Reservoir fluids were allowed to flow into the drillpipe for a short period so that a sample could be captured in a downhole chamber. The plans did not require the well to flow continuously to surface. Once the downhole sample was captured, the well was shut in and the remaining gas was removed from the drill-string and flared.

Operations are now continuing to drill the remaining 240 m to the bottom of the target zones at 3,550 meters at the base of the C16 reservoir interval. The Company intends to log and run casing before commencing full testing operations. As reported earlier, repeated gas kicks and oil shows were seen in the upper reservoirs and it is anticipated the well will be completed in the second quarter.