UPDATE: Dundee Energy Gets Approval of Spanish Ministerial Order Affecting Remuneration of Underground Gas Storage Projects; Up 13%
Dundee Energy Limited (DEN.TO) announced that the Spanish authorities approved a Ministerial Order affecting the remuneration of underground natural gas storage projects.
Final inclusion of the Castor Project into the Spanish gas system remains contingent on the injection of cushion gas, which is expected to be completed in the first half of 2013, the subsequent completion of the necessary performance and control testing, and the conclusion of the audit by the Spanish authorities of the expenditures forming the remuneration basis.
DEN has jumped 13% to 35 cents, trading near year low 27 cents. Over 6,000 DEN shares have changed hands.
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