Great East Energy Could Be Part of Ukraine's Solution to Energy Self Sufficiency From Russia
07 March 2014 - 12:30AM
Marketwired
Great East Energy Could Be Part of Ukraine's Solution to Energy
Self Sufficiency From Russia
NEW YORK, NY--(Marketwired - Mar 6, 2014) - In light of
the current crisis unfolding in Ukraine, Great East Energy's
(OTCQB: GASE) recent acquisition of 162-square miles of producing
clean energy assets looks like perfect timing as the nation looks
to make energy self-sufficiency from Russia a priority now more
than ever. Great East Energy's plan in Ukraine has always been
to implement North American capital, industry knowledge, and
technology in order to produce even more natural gas from its
assets. This week an article at forbes.com suggested Ukraine
needed just that, an American-style shale gas revolution.
Interestingly, natural gas is the impetus behind this latest
crisis. Russia has it, Ukraine wants it and at the same time,
Ukraine owes Russian state-owned gas giant, Gazprom $1.5 billion
for gas it has already supplied in 2013 and early 2014. Cash
strapped Ukraine isn't likely in a position to pay however, so
Gazprom, which controls nearly one-fifth of the world's gas
reserves and supplies more than half of the gas Ukraine uses each
year, stated that it intends to start charging Ukraine around
$11.50 per 1,000 cubic feet for its gas, which is a dramatic rise
from the discounted rate of around $7.70 the country has been
paying.
As these events play themselves out, a $10 billion natural gas
exploration deal Ukraine made last year with Royal Dutch Shell and
Chevron, looks prophetic in retrospect and serves as a plea for
outside companies to come into the country and help it explore and
produce what is estimated to be more than 40 trillion cubic feet of
recoverable shale gas. This represents enough gas to satisfy
decades of demand in the country and leave behind the rising prices
and continuous threats from Russia to turn off the taps delivering
gas to Ukraine.
Great East Energy received a reserve report showing its assets
hold 47 billion cubic feet of natural gas that is ready for
drilling and production, and the company's recent receipt of $1.49
million in private financing will help the company get to work
delivering upon that reserve. Great East Energy's assets are
surrounded by a gas field that has been called the "featured asset"
in Ukraine's landmark deal with Royal Dutch Shell and Chevron.
As they say in business, timing is everything, and one look at
the headlines, and it appears that Great East Energy couldn't have
timed its acquisition in Ukraine any better. But, they also
say location, location, location, and the only thing better than
the timing of the acquisition might be the location of the
company's assets.
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