BRS Resources Rises on Italian Natural Gas Production Approval
BRS Resources (BRS: TSXV) jumped 18.75% after AleAnna Resources LLC received the final approvals from the Italian Ministry of Environment. Approval was also gained by the Italian Ministry of Heritage and Culture on the production concession application. The concession in question is the Gradizza natural gas field development.
Note: BRS owns 9.74% of AleAnna Energy LLC, which owns 100% of AleAnna Resources LLC in Italy. The company is strategically positioned to exploit Italy’s vast, untapped natural gas reserves. BRS acts as the operating partner for AleAnna in Italy.
According to the company,
“The Gradizza-1 discovery well, drilled in November 2013, is located in AleAnna’s La Prospera permitted area in the eastern section of northern Italy’s Po Valley. The well tested conventional natural gas at a stabilized rate of 800,000 cubic feet per day with 500 psi flowing tubing pressure on a 1/4-inch choke. No formation water, pressure decline, or gas impurities were recovered during testing and the bottom-hole pressure measured was approximately 1,200 psi.”
BRS Resources Rises on AleAnna Production Approval
The markets reacted kindly to this morning’s news. BRS Resources’ shares gapped up 18% on heavy volume of 1.17 million shares traded. AleAnna holds nine exploration permits and four permit applications in Italy’s Po Valley and Bradano basins, encompassing more than 800,000 acres (3,250km2). While looking at the totality of AleAnna’s holdings in Italy, one can’t help but be impressed.
According to the company,
“AleAnna holds thirty-one exploration applications and permits for over 2.9 million acres in Italy. To date, AleAnna has also acquired 134,672 acres of 3-D geophysical data, making it the largest owner of on-shore 3-D geophysical data in Italy. Part of AleAnna’s operating strategy is the use of high-resolution 3-D seismic technologies to image subsurface hydrocarbons to more efficiently high-grade prospects while reducing environmental impact and risk.”
BRS which owns just 9.74% of AleAnna Energy LLC, who owns 100% of AleAnna Resources, has a market cap of just under $12 million.
SOBARS Rallies on BRS Resources in May Stock Challenge
Pinnacle member ‘SOBARS‘ selected BRS and saw his combined average return jump 13.73% Wednesday. Rather, the next best performer on the day was ‘BoMbsKOd’ whose two stocks returned 8.37%. May is typically a quiet time of year on the TSX Venture. The exchange traded flat Wednesday, closing down slightly to 802.39 on lower volume of 76,901,696. Despite the lower volume, the Venture and gold stocks are showing some strength in this seasonally weak period.
With only five days remaining in May’s Stock Challenge, Joey Walmsley is still holding onto a 6% lead. As a result, Walmsley’s 39.67% return is in front of ziggytheberner’s 33.29% and ‘uniword’s 32.46%. Members can now enter for June’s Stock Challenge for a chance to win silver bullion.