Transeuro Energy (CVE:TSU) shares rose 20% on Toronto’s junior exchange after the oil firm revealed it has kicked off talks with the Ukrainian government and the government partner.
The company, which has interests in British Columbia, Canada and in Crimea, Ukraine, said the negotiations are to ratify and amend the company’s joint activity agreement (JAA) relating to the Karlavskoye and Krasnapolianskoye licences.
Transeuro said the Krasnapolianskoye licence expired last week and the government partner is in the process of renewing the licence, it said.
The company added in the statement: “The current negotiations include discussions over the construction of a Gas Treatment Plant (GTP) and tie-in of wells on the Krasnapolianskoye license, the objectives and well design for a well 'Karl-102' on the Karlavskoye License and other commercial and business terms. The parties have agreed to abandon the Karl-101 well.”
In a separate statement, the company said it will no longer be proceeding with its proposed shelf prospectus and exemptive relief application regarding the share purchase agreement (SPA) with Yorkville Advisors.
The company is now seeking the TSX Venture Exchange’s stamp of approval for the SPA. It said this means it may need to make further changes to the SPA.
Shares lifted C$0.005 or 20% to C$0.03 each.
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