Transeuro Energy Corp.: Ubuntu-1 Gas Condensate Discovery in PNG

Transeuro Energy Corp. (TSXV:TSU) announces the news released by Eaglewood Energy Inc regarding the Ubuntu-1 well in PPL-259 in Papua New Guinea.

The press release is quoted as saying:

Transeuro has a back-in option to acquire 10% of all four Petroleum Prospecting Licenses held by Eaglewood in PNG after three wells have been drilled on the licenses by paying 10% of the exploration costs. The Ubuntu-1 well is the second of the three wells.

Click here to access the entire press release