Wednesday, 31 July 2013

TransEuro partner signs agreement for rig for Pov-105 well

TransEuro Energy (CVE:TSU)  announced that its partner Aleator Energy (ASX:AWD) had secured a drill rig for the Pov-105 well in Crimea, Ukraine.
Aleator has signed a letter of intent with Ukranian firm Ukrburservis, it said.
The well, with a planned target depth of 4,140 metres, will be in the highly prospective Povorotnoye gas field.
Aleator secured funding of US$20 million from Gres to support a farm-in deal between it and the firm on the field.
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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