Calgary, Canada: - Transeuro Energy Corp. ("Transeuro" or the "Company") announces that the Company and the Natural Resource Authority of the Government of the Hashemite Kingdom of Jordan (the "NRA") have initialized the final version of the Hamza Field Area "Enhancement Program Agreement" (the "Agreement"). The Award of the Agreement was previously announced on June 27th.
The Agreement will now be submitted to the Council of Ministers for approval and then to the Jordan Parliament for ratification. The 'Effective Date' of the Agreement is expected within 3 months at which time field operations can commence on the existing producing wells. Further announcements will be made as the milestones are achieved and will include more detailed information on the terms of the Agreement and the initial work programme.
ABOUT THE COMPANY
Transeuro 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 owns 100% of a gas producing property located in British Columbia, Canada and has interest in gas exploration and appraisal developments in Crimea, Ukraine.
On behalf of the Board of Directors
Aage Thoen, Chairman
For further information contact: Darren Moulds, IR, +1 403 705 1919
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the Oslo Axess accepts responsibility for the adequacy or accuracy of this release. The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the targeted results. The Company relies upon litigation protection for forward looking statements.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for a description of risks and uncertainties relevant to our business, including our exploration and development activities. Test production rates may vary from sustained production rates when developing a well or a deposit. The commerciality of any discovery can be affected by many factors including product prices, operating costs, capital costs, government take and sustained production levels and ultimate recovery of hydrocarbons. Hydrocarbon indications from drilling or wireline log data do not necessarily mean that mobile hydrocarbons are present in the formation or can be produced.
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