Transeuro Energy Corp. News Release - Povorotnoye Financing
Calgary, Canada, Mar 28th, 2013 - Transeuro Energy Corp. ("Transeuro" or the "Company") announces the news released by Aleator Energy Ltd, "Aleator" (ASX:AWD) regarding signing a binding term sheet for funding of US$20 million to support the drilling obligations under the previously announced farm in on the Povorotnoye gas field in Crimea, Ukraine. Transeuro has retained a 10.8% interest in the Joint Activity Agreement to develop the Povorontoye gas field. Pursuant to the terms of the farm in agreement, the Company will receive USD$500,000 upon spudding of the POV 105 well.The following is an extract from the Aleator announcement on 27th March 2013 and the full text can be viewed at:
http://www.asx.com.au/asxpdf/20130327/pdf/42dxqcdl06f79y.pdf
"....Aleator Energy Ltd has signed a binding term sheet with financier, Gres Holdings Ltd ("The Facilitator") on 26 March 2013 for a funding amount of US$20m. Under the agreement the Facilitator will provide a cash backed Bank Guarantee from a "AA rated" major bank to secure the loan funds to a subsidiary of the Company. The funds will be used to drill the much anticipated Pov 105 well in the highly prospective Povorotnoye gas and condensate field in Crimea, Ukraine. The Company will also allocate part of the funds for the provision of a pipeline and plant to process and deliver anticipated gas and condensate when the well is completed and prepared for production.......... Final Agreements are currently being prepared and are planned to be signed in April with the funds available approximately 20 days later.... .... ...Meanwhile, the Company has used the time taken to arrange funding to consolidate infrastructure in Ukraine such as warehouse and administrative facilities in readiness for the drilling of the POV-105 well. Construction of the access road, drill pad, and cellar has been completed and work has also continued in taking delivery into Aleator's warehouse of long lead items such as drill pipe, well casing, well heads, chemicals and other critical hardware."
The agreement includes a number of Conditions Precedent that need to be satisfied before the loan can be finalized.
ABOUT THE COMPANY
Transeuro is involved in the acquisition of petroleum and natural gas rights, the exploration for, and development and production of crude oil, condensate and natural gas. The Company owns 100% of a gas producing property located in British Columbia, Canada and has interest in gas exploration and appraisal developments in Crimea, Ukraine.
On behalf of the Board of Directors
Aage Thoen, Chairman
For further information contact: Darren Moulds, CFO, +1 403 705 1919
http://www.transeuroenergy.com
in the policies of the TSX Venture Exchange) nor the Oslo Axess accepts responsibility for the adequacy or accuracy of this release. The statements contained in this release that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual results to differ materially from the targeted results. The Company relies upon litigation protection for forward looking statements.
This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to our operations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions. See our Annual Information Form for a description of risks and uncertainties relevant to our business, including our exploration and development activities. Test production rates may vary from sustained production rates when developing a well or a deposit. The commerciality of any discovery can be affected by many factors including product prices, operating costs, capital costs, government take and sustained production levels and ultimate recovery of hydrocarbons. Hydrocarbon indications from drilling or wireline log data do not necessarily mean that mobile hydrocarbons are present in the formation or can be produced.
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