Under the provisions of the LOI, HAES has committed to providing the drilling rig in country, ready to commence drilling on the first location in the first quarter of 2007. The rig will be delivered to Port Moresby around the end of December and commissioned, before being barged up the Fly River to Kiunga and then lifted by helicopter to the drilling location in Block 259. The first well is planned to be drilled to approximately 3,500 meters, to test the Elevala and Toro sandstone formations that provide the reservoirs in the nearby fields of Elevala (611 Bcf), Ketu (704 Bcf) operated by Santos Ltd. and Juha (5.3 Tcf) and Hides (13.4 Tcf) operated by Esso. Figures are 3P Reserves provided by IHS in Tetbury, United Kingdom. Transeuro plans to extend the exploration program into Blocks 258 (Sepik basin) and Block 260 (Highlands).
Transeuro Energy Corp. has completed the study work around Block 259, including re-interpretation of the existing 2,000 kilometers of 2D seismic, acquisition of a high density aerial gravity and magnetics survey over the same area and the collection of oil and gas seeps for analysis. The data is being collated to rank the twenty leads and prospects known to exist in the block and to choose the first drilling locations.
Transeuro Energy Corp. 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, Papua New Guinea and Ukraine.
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