Aleator Energy has secured a $US20 million loan to fund exploration at its Povorotnoye gas and condensate development in the Ukraine.
Aleator said the loan had a five-year term from the draw date, with an arrangement fee of 10 per cent payable on each draw down of two $10 million tranches.
The facility has an interest rate of 5 per cent and is being provided by international financier Gres Holding.
Aleator said final agreements were currently being prepared, with formal documentation set to be sorted by April.
The company will use the funds to drill its Pov 105 well at the highly prospective Povorotnoye development, as well as construct a pipeline and plant to process gas and condensate.