Transeuro Energy has provided an update on its Ukraine operations.
Further to the Company's news release of September 11th, 2008 in regards to the Karlavoskoye 101 well, the Company has recovered the drill pipe from the well down to a depth of 2,925m. Two cement plugs have been placed in the well and a mechanical plug has been set at 2,842m. With the well secure operations have now been delayed until discussions are completed with RAG over their purported withdrawal from the Joint Venture between the parties relating to the Ukraine operations.
Thereafter the Company plans to drill a hole in the casing at 2,750m and to redrill the well back down to a depth of around 3,500m. The first hole was drilled to 3,553m, logged down to 3,480m and flared gas while drilling and surge testing. The Company interpreted a gross hydrocarbon column of over 700m and a most likely net reservoir pay of approximately 100m between 2,800m and 3,500m. A marked improvement in drilling performance is expected following the recent rig upgrades and the use of newly imported equipment. The drilling phase, once commenced is expected to take approximately six weeks.
During the period of delay the Company will take the opportunity to re-structure the Ukraine operations and to re-negotiate some contractual terms to take advantage of the increase in the availability of drilling equipment in country.
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