Transeuro to explore in Papua New Guinea

Dec. 9, 2005
Transeuro Energy Corp., Vancouver, BC, opened an office in Port Moresby to support exploration and development of its four petroleum prospecting licenses in Papua New Guinea.

By OGJ editors
HOUSTON, Dec. 9 -- Transeuro Energy Corp., Vancouver, BC, opened an office in Port Moresby to support exploration and development of its four petroleum prospecting licenses in Papua New Guinea.

Preliminary mapping shows more than 80 prospects on the four blocks, many of which are in the main oil and gas discovery fairway and many of which have oil seeps and prominent surface features. Seismic remapping will start in early 2006.

Transeuro holds PPL 259 in the foreland part of the Papuan fold belt adjoining the border with Papua, Indonesia, PPL 260 in the Papua New Guinea highlands, PPL 258 in the Sepik area of the North Niugini basin, and PPL 257 in the Cape Vogel basin.

Block 259 covers 6,480 sq km surrounding the Santos Ltd.-operated undeveloped Stanley, Elevala, and Ketu gas-condensate discoveries and is 50 km south of the undeveloped Pnyang gas-condensate find. It is 75 km west of the country's main producing trend including the 5.4 tcf Hides gas-condensate discovery and the 3.33 tcf Angore and 1.56 tcf Juha discoveries, which will feed a planned gas pipeline to Queensland.

Transeuro sees geology on 6,237 sq km Block 260 being similar to that in the Papuan fold belt, which is producing 50,000 b/d of sweet crude and has 15 tcf of proved recoverable gas.

PPL 258 covers 1 million acres, and Block 257 covers 1.7 million acres.