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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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