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Transeuro Energy Resumes Karl-101 Well Operations

Transeuro Energy's (CVE:TSU) stock moved higher Monday after announcing it has now resumed operations at its Karl-101 well in Ukraine, as indicated earlier this month.

The first news of this came in early October after the company announced in late July that the testing operations on Karl-101 had been temporarily delayed until it could review results it had to date, and until additional equipment could be brought in to eliminate water production in one interval of the well.

Transeuro said that the main issue was the unsuccessful attempts to close the C13 frackport to shut off water production of up to 1500 barrels per day and to prevent cross flow between the open intervals.

The restart of well operations includes restoring gas production from the C16 interval that was previously recorded at a non-stabilised rate of around 50,000 cubic metres per day.

Transeuro is involved in the acquisition of petroleum and natural gas rights, as well as the exploration for, and development and production of crude oil, condensate and natural gas.

The company owns 100 per cent of a gas producing property located in British Columbia and has interests in gas exploration and appraisal developments in Crimea, Ukraine.

Earlier this month, the Calgary-based company said that gas production from the Beaver River field in Canada more than doubled in September from a month earlier.

The company produced 1.7 million cubic metres last month, or an average of 56,986 cubic metres per day, compared to August output of 828,200 cubic metres, or an average of 26,716 cubic metres per day.

Shares in Transeuro rose 1 cent to 6 cents on Monday morning.