The Kamir 1 well in Armenia, located 65 kilometers west of Yerevan, not far from the Turkish border, was drilled to the programmed total depth of 2,346m. A potential hydrocarbon gas zone was encountered between 950m and 1,150m with elevated values of methane, ethane, propane and butane identified on the mud log. Elevated gas levels were also intersected below 2,300m but only contained carbon dioxide.
The forward plan is to plug back the deeper zone, run wire line logs and based on these results test the hydrocarbon potential of the shallow zone.
Subject to a successful test, a distribution and marketing network of pipelines for a fast and economical way to monetize the potential discovery is present within 3km. Armenia is a net importer of natural gas, imports were 1.685 billion cubic meter in 2005.
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 and Ukraine.
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