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Transeuro: Joint Venture Agreement, Ukraine

Onshore Crimea, The Ukraine

London - April 2008

Transeuro Energy announces it has entered into a Joint Venture (JV) with RAG in the Crimea. Under the agreement, RAG will pay Transeuro Energy an initial undisclosed sum and further payments of well and other costs on two of the principal fields in the JV. The potential contribution by RAG to the total capital budget for 2008 and 2009 is up to US$70 million with Transeuro responsible for its remaining share of well and seismic costs. Following success of the Karlavksoye101 and Povotonoye 104 wells both RAG and Transeuro each envisage investing around US$ 280 million into these two Crimea fields.

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Stellar acted as advisors to Transeuro Energy.