TransEuro Energy (CVE:TSU) said its partner, Aleator Energy (ASX:AWD), has revealed that the issue of the bank guarantee provided by Gres Holdings is proceeding well.
Aleator disclosed that it has received a formal update from Gres Holdings to confirm that the issue of the bank guarantee is proceeding well, and is expected to be issued shortly.
Aleator secured funding of US$20 million from Gres to support a farm-in deal between it and TransEuro on the Povorotnoye gas field in Crimea, Ukraine.
Aleator continues to progress preparations for the drilling of the Pov105 well. Under the terms of the farm-in deal, TransEuro will receive US$500,000 upon spudding of the POV 105 well.
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