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  • Transeuro Energy Sees Depressed March Production From Beaver River Field 0 comments
    Apr 5, 2013 3:47 PM

    Transeuro Energy Corp. (CVE:TSU) said Friday that facilities and export issues over the first 10 days of March slowed gas production from the Beaver River field in Canada.

    Production from the field last month averaged 32,565 cubic metres per day, compared to February production of 41,361 cubic metres per day.

    Total gas production for the month was 1.01 million cubic metres, down from 1.16 million cubic metres in February.

    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.

    Late last month, Transeuro confirmed that partner Aleator Energy (ASX:AWD) has secured funding of $20 million to support the drilling obligations under a farm in deal between the two parties on the Povorotnoye gas field in Crimea.

    The company also confirmed in March its first draw down on its funding arrangement with Yorkville Advisors' Global Master fund. The facility was arranged in February and Transeuro confirmed that it is initially issuing 7mln new shares to Yorkville at a price of 5 Canadian cents each. In total it will raise around C$350,000 (NOK 2mln) from this first draw down.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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