Aleator Energy Ltd.

Transaction Type
Sellers
Marketers
Post Date
Close Date
Estimated Price
MM
Description

Aleator Energy Ltd. has retained Envoi Ltd. to seek a partner to develop the Povorotnoye gas and condensate field in the Crimean Peninsula, in the Ukraine.

Aleator is offering its partner up to a 25% interest in the project from its 61.2% interest in the 104 square-kilometer license. In exchange, Aleator wants its partner to fund a 33% of an appraisal and test well planned for 2013 at a gross cost of about $16 million. In addition, Aleator wants to recover 33% of its previous costs, currently around $4 million spent on long-lead items ordered for the drilling program.

Aleator acquired its 61.2% interest in the Povorotnoye License from Transeuro in February 2012, which still retains a direct 10.8% interest in the license. The Crimean Government Co., NadraCrim, owns the remaining 28% interest. Aleator, the operator in the project, negotiated a five-year extension when it bought into the lease, which is valid through May 2016.

Aleator is based in Perth, Australia and is listed on the Australian Stock Exchange under the ticker symbol AWD.