OilVoice - Transeuro Energy Provides Update on Ukraine Joint Venture

Transeuro Energy Provides Update on Ukraine Joint Venture

Tuesday, December 09, 2008

Transeuro Energy Corp announces that the Company has received confirmation from Rohol Aufsuchungs Aktiengesellschaft ("RAG") over a standstill agreement relating to RAG's notice of withdrawal from the joint venture company 'Scythian Energy BV', that was formed earlier this year to control the joint activities in Crimea, Ukraine.

As part of the agreed resolution process, both RAG and Transeuro will refrain from instituting any litigation or arbitration against each other until February 15th 2009 to allow Transeuro to find a solution to RAG's notice to withdraw from the Joint Venture. Transeuro is currently in discussions with a number of companies who have expressed an interest in participating in a joint venture on its Ukraine assets.