Transeuro Energy said that it has a back-in option to acquire 10% of all four petroleum prospecting licenses held by Eaglewood in Papua New Guinea (PNG) after three wells have been drilled on the licenses.

The Ubuntu-1 well in PPL-259 in Papua New Guinea was drilling ahead in 12 1/4" hole at 1920m, after having successfully drilled and cased 17 1/2" hole to 1336m.

The Ubuntu-1 well is expected to reach total depth of approximately 3600m in early February.

The anticipated operations will be to drill the remainder of the 12 1/4" hole to the base of the Darai Limestone at approximately 2425m, and set the 9 5/8" casing.

The Ubuntu-1 well is located on petroleum prospecting license 259, approximately 17km east of the Ketu and Elevala gas condensate discoveries in Papua New Guinea.

Eaglewood holds a 40% participating interest in the Ubuntu Area of petroleum prospecting license 259.