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Monday, 6 May 2013
Transeuro Energy sees increased April gas production from Beaver River
Shares of Transeuro Energy (CVE:TSU) gained Monday after the company said April gas production from its Beaver River field in Canada increased from a month earlier, when it experienced facilities and export issues and slowing output.
Production from the field last month averaged 40,589 cubic metres per day, compared to March production of 32,565 cubic metres per day. In March, the company said the first 10 days of the month were hurt by facilities and export issues.
Total gas production for April was 1.22 million cubic metres, up from 1.01 million cubic metres in March.
The primary goal at the Beaver River field is to further develop existing subsistence-level gas production and establish the field as an economic operation.
The company also has interests in gas exploration and appraisal developments in Crimea, Ukraine.
Last week, Transeuro said it is pursuing a number of low risk oil opportunities. The news came as part of a wider update following up on its strategy, announced previously, of growing the company by monetizing 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.
It also added that it was in discussions with third parties interested in developing the substantial resource potential at the Beaver River gas project in Canada and is hopeful of progressing these discussions through the summer.
Transeuro shares picked up by half a penny to 12.5 cents on Monday.