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Transeuro Energy Corp Up Nearly 40% On Heavy Trade After Ukraine Update

Transeuro Energy Corp (TSU.V) is up nearly 40% at 21.5 cents, but off a day high 23.5 cents with more than 7.5 million shares traded as it issued an update on its Ukraine operation.

It said: "Operations for the first production test of the previously announced 4 test programme on Karl-101 are continuing. The well has been flowing for 20 hours to obtain preliminary data prior to the planned acid stimulation. The maximum hourly production rate during this flow period was 4.7 million cubic feet (131,000 cubic metres) per day and an average condensate yield of 50 barrels per million cubic feet, giving a maximum combined rate of 1,018 barrels of oil equivalent per day (boepd).

"The company expects to perform the acid stimulation later this week and then conduct the main flow period of 48 hours or more. The company will issue announcements as appropriate throughout the testing period. The testing program is subject to change depending on actual results."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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