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The license for Block 2 in Armenia expired at the end of June 2009 and the company has requested a 2 year extension as permitted under the petroleum regulations, but has requested the PSC terms be improved to justify continued investment and exploration.
Transeuro Energy has a 100% interest in Block 2, the 7,250 square kilometres surrounding the capital city of Yerevan, across from Armenia's western border with Turkey. The company holds a Production Sharing Agreement with the government that expires in June 2009. The existing Karmir and Southwest Oktemberian (SWOKT) fields are delineated by 6 to 8 old Russian wells providing log and core data. Two wells in each field have produced gas to surface that, together with the well data, strongly suggests the presence of substantial gas reserves.
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