TRANSEURO ENERGY CORP ANNOUNCED NATURAL GAS EXPLORATION IN ARMENIA

PanARMENIAN.Net
18.09.2007 17:29 GMT+04:00

/PanARMENIAN.Net/ Transeuro Energy Corp announced the commencement of
drilling operations in Armenia for natural gas exploration, Trading
Markets reported.

Drilling has started on the Karmir prospect in the Armavir region
of Block 2, Armenia. Karmir-1 is the first exploration well to be
drilled in the country for ten years.

The well is targeting two horizons in the Karmir gas prospect, the
Lower Sand Clay (LSC) and the Lower Multicoloured Suite (LMS), and
is planned to have a total depth of 2200 meters. Drilling operations
will be followed by flow-testing should hydrocarbons be discovered.

The well is located less than 3km from a new gas pipeline route forming
part of a recently installed domestic gas distribution system, and
the Company is in discussion with the Government of Armenia regarding
early hook-up of the well in the event of a commercial discovery.

Harold Hemmerich, President and CEO, Transeuro Energy Corp. commented,
"I am very pleased that Karmir-1 has spudded. The Company has entered
an exciting operational phase and is now simultaneously drilling in
Canada, Armenia and Ukraine, and is planning a drilling operation in
PNG. The drilling results are keenly anticipated and will generate
important information for the Company."

"For the first time in Armenia’s history we are launching exploration
with all necessary equipment.

After a thorough examination of the facts we concluded that the
possibility of finding gas is rated 50 per cent against 50 per cent
of water. Huge amount of work should be carried out to explore gas
and oil in Armenia. Nevertheless, we are hopeful that our efforts
will be a success. Late October-early November we will say whether
Armenia has gas or it doesn’t," said head of the Transeuro Energy
Armenian branch Mike Smith.

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.