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Tuesday, 30 April 2013
Transeuro Energy mulling several strands for future growth
Transeuro Energy (CVE:TSU) is pursuing a number of low risk oil opportunities.
It came as part of a wider update following up on its strategy, announced previously, of growing the company by monetising assets or securing revenue through existing or new assets or a combination of those.
Such projects should deliver near term oil revenues as well as low entry and development cost and also low risk exploration opportunities.
One such project in particular is well advanced, it said, while a second is maturing but is less certain, but it is possible that both new ventures may be concluded within six months.
"The board has also considered mergers and acquisitions and this remains a possibility," it added in today's statement.
Transeuro also added today that it was in discussions with third parties interested in developing the substantial resource potential at Beaver River gas project in Canada and is hopeful of progressing these discussions through the summer.
It is also reviewing the possibility of independently resuming investments to further appraise the conventional and shale potential before introducing a partner.
The firm announced it was carefully managing its cash reserves and expects to complete the sale of the Armenia rig in the second quarter and to utilise the Yorkville Share Purchase Agreement as previously announced.
"The board believes that one of the above paths alone or the paths combined will provide the company with the required sustainable short term revenues and the optimal financial alternatives in the best interest of the company and its shareholders.
"The company will report as appropriate but the board emphasises that the completion of these activities contain numerous and various risks and successful outcomes are not assured."