May 26 (Reuters) - Elk Petroleum Ltd ELK.AX :
* Agreement reached on definitive agreements for US$55 million Grieve Jv Restructure
* Debt funding negotiations for restructure well advanced
* Says an initial US$1.5 million progress payment has been made
* Says intends to source this funding through a combination of debt and equity
* Source text for Eikon ID:nASX8mf0WJ
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