Transeuro announced that drilling operations began on Karl-101 on Friday Dec 31st. 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.
At the request of IIROC, the Company hereby retracts the statement "...the well potential could be many times higher, in the range of 50-100 mmcf/d, with condensate production in the range of 2000-4000 barrels per day". This target was premature in the absence of actual recovery information. Certain other deficiencies have also been corrected.
The Karlavskoye Field
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. Wells have produced at good rates from all individual horizons, with the best results already indicating a commercial field:
The seismic and well data suggest the field is 10 km by 3 km in size. Independent third party 'Gas In Place' (discovered resources) 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).
Given the evidence of commercial rates in the range of 3-5 mmcf/d from the old wells, Transeuro is targeting an overall cumulative test production rate of over 20 mmcf/d from the well. However, in the event that a network of open fractures is encountered in the reservoir rock either by the wellbore, or through the acid stimulation, then the well potential could be higher.
Commencement of Operations
The Company 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.
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 owns shares in Eaglewood and holds a back-in option to their exploration licenses in Papua New Guinea.
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