Drilling Continues at Transeuro's Ukraine Well

Transeuro issued an update on its Ukraine operations.

The well has drilled through the C14 and C15 intervals with continuous background gas and connection gas up to 30% by volume. Drilling has continued into the C16 where another gas kick has occurred and the mud weight has been increased to 1.63 s.g. (specific gravity). The depth as of 6 am Feb. 14 was 3,496 meters. The forward plan is to drill to around 3,520 meters where logging operations will be performed.

President & CEO, David Worrall commented, "The indications from the well, in terms of target intervals, gas shows and mud weights are in line with our expectations. With around 20m left to drill we are now preparing for logging operations to confirm the exact location of the deeper targets so we can confirm the Total Depth (TD) of the well and then run the 7 inch casing."

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