Transeuro Energy Corp.: Ubuntu Contingent Resources

Transeuro Energy Corp. (TSXV:TSU) updates on the Ubuntu discovery 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 and exercisable within 60 days of the completion of the third well. The Ubuntu-1 well is the second of the three wells.

Click here to access the entire press release