Transeuro Energy Corp. reported that fishing operations have terminated at the Karlavoskoye 101 well. It has been determined that the most appropriate course of action is to sidetrack the well bore at a predetermined depth of 2,875 meters and continue drilling the well to a targeted depth of 3,500 meters.
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 September 15, 2008 and are expected to take approximately eight weeks as the Company has further upgraded the drilling rig in the last month and expect new efficiencies from these improvements.
Harold Hemmerich, President of Transeuro Energy Corp, 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."
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