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CUB ENERGY PARTNERS WITH NAFTA INTERNATIONAL TO JOINTLY DEVELOP UZHHOROD FIELD IN WESTERN UKRAINE
U.S.-Ukraine Business Council (USUBC),
Wash, D.C., Tue, July 12, 2016
Washington, D.C. – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB) announces that it has entered into a share purchase agreement (“SPA”) and Shareholders’ Agreement (“SHA”) with NAFTA INTERNATIONAL B.V. (“NAFTA”), whereby NAFTA earns a 50% interest in the Company’s newly formed subsidiary, CNG Holdings Netherlands B.V. (“CNG”), which, in turn, owns CNG LLC (Ukraine LLC), 100% owner of the Uzhhorod production license in western Ukraine, according to an announcement from Cub Energy. Cub Energy is a member of the U.S.-Ukraine Business Council (USUBC), www.USUBC.org.
"Pursuant to the terms of the SPA, NAFTA is to:
(1) Pay Cub €1.5 million (US $1.7 million) upon transfer of the 50% shares (“Closing”). The Closing occurred earlier today and the transfer of funds is expected to be completed by Monday, July
(2) Fund a 100 square kilometer 3D seismic survey within 20 months of Closing;
(3) Fund the drilling of first three wells within four years of Closing; and
(4) Fund the tie-in costs of the first three wells up to a maximum €0.2 million (US $0.2 million) per well within four years of Closing.
"Mikhail Afendikov, Cub’s Chief Executive Officer, said, “We look forward to our new partnership with NAFTA and will leverage their oil and gas experience on the adjoining Slovakian field with our experience in the nearby producing Rusko-Komarivske (“RK”) field in western Ukraine. Together we plan to continue the exploration and development of the Uzhhorod license. We hope to commence the 3D survey later in 2016.”
About the Uzhhorod License -----
As disclosed in the Company’s press release dated March 14, 2016, the Company was awarded the 20-year Uzhhorod production license with approximately 75,000 acres on March 11, 2016. The new expanded Uzhhorod license is on trend with the discoveries in the Republic of Slovakia, which adjoins the license on the west and the Company’s 100%-owned RK field in close proximity on the east. Approximately 35 line kilometers of 2D seismic data was acquired in 2013 on the original Uzhhorod exploration license. The data has been processed and reviewed with several potential target locations identified.
About NAFTA -----
"NAFTA INTERNATIONAL B.V. is a company 100% owned by NAFTA a.s. NAFTA a.s., a Slovakian- based company with extensive experience in natural gas storage and underground facility development and is the Slovak leader in exploration and production of hydrocarbons, including a producing field on the border of Slovakia and Ukraine. The storage capacity of natural gas underground facilities operated by NAFTA currently stands at 2.74 billion cubic meters.
Martin Bartosovic, NAFTA a.s.’s General Director said, “We are delighted to have reached this agreement with Cub. We believe that our 60 years know-how of Eastern Slovakia geology and Cub´s local presence in Ukraine will allow us together to unlock the potential of the Uzhhorod license. We also believe that this project to be the first step in creation of NAFTA´s portfolio in Ukraine.”
About Cub Energy Inc. -----
"Cub Energy Inc. (TSX-V: KUB) is an upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. The Company’s strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of producing oil and gas assets within a high pricing environment."
LINK: TO ANNOUNCEMENT AND READERS ADVISORY: http://www.cubenergyinc.com/_resources/news/nr_2016_07_08.pdf
NOTE: For further information please contact Cub Energy or visit their website: www.cubenergyinc.com
USUBC NOTE: Cub Energy is a long-time member of the U.S.-Ukraine Business Council (USUBC), Wash, D.C. www.USUBC.org. Frank Mermoud, a member of the board of directors of Cub, is a member of the USUBC Executive Committee.
NEWS: For the latest news about Ukraine go to the KYIV POST website: www.KyivPost.com.
The Kyiv Post of the ISTIL Group is a member of the U.S.-Ukraine Business Council (USUBC).
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