Transeuro to sidetrack Karlavoskoye 101 well
2008-09-11 09:49 ET - News Release
Mr. Harold Hemmerich reports
TRANSEURO ENERGY CORP.: UKRAINE WELL TO BE SIDETRACKED
Transeuro Energy Corp. has released an update on its drilling operations.
Further to the company's news release issued in Stockwatch dated Aug. 8, 2008, in regard to the Karlavoskoye 101 well, the company is reporting that fishing operations have terminated. It has been determined that the most appropriate course of action is to sidetrack the wellbore at a predetermined depth of 2,875 metres and continue drilling the well to a targeted depth of 3,500 metres. All of the required equipment has now been procured for the sidetrack and subsequent drilling operations. Once the operations and drilling commence, the company will continue to update the shareholders and public as appropriate. Sidetrack operations are expected to begin the week of Sept. 15, 2008, and are expected to take approximately eight weeks as the company has further upgraded the drilling rig in the last month and expects new efficiencies from these improvements.
Harold Hemmerich, president of Transeuro Energy, commented: "In spite of the lost time and the obvious financial costs associated with the challenges we have encountered while drilling this well, the gas flows and log results are very positive, and we have seen nothing that curbs our enthusiasm for the potential of the well and the field we are targeting. We continue to work with our Ukraine partners to improve operational performance."
In addition, the company is pleased to announce that all matters put to the company's shareholders at the company's annual general meeting held on Sept. 9, 2008, passed with near unanimous approval. The company's board of directors for the following year will comprise: Harold Hemmerich, David Parry, Mark Sarssam, Aage Thoen and Pedro Paulo.