Project Profile
Value: Undisclosed
Location: border with Slovakia, Zakarpattia Oblast (region), western Ukraine
Reserves: unknown
Area: approx. 75,000 acres
Start-up Year: -
The Uzhgorod licence covers approx. 75,000 acres, which is a 50% increase from its original size of 50,000 acres. The expanded Uzhgorod block was awarded to the Company on March 11, 2016, by way of a Special Permit by the State Service of Geology and Mineral Resources of Ukraine, authorising full industrial production from the Uzhgorod licence for a 20-year term, during which the Company will be allowed to conduct both exploration and production activities. The new production licence replaces the previously issued 5-year Special Permit for exploration, which was scheduled to expire in January 2016. The new expanded Uzhgorod licence is on trend with the discoveries in the Republic of Slovakia, which adjoins the licence on the west and the Tysagaz operated (100%-owned by Cub) RuskoKomarivske (RK) field in close proximity on the east. Approx. 35 line km of 2D seismic data was acquired in 2013 on the original Uzhgorod exploration licence. The data has been processed and reviewed, with several potential target locations identified. Additional seismic, including a 3D survey, is planned prior to drilling any of the identified locations. The targeted reservoirs include the Middle Miocene Sarmatian and Badenian reservoirs found to be present and gas-bearing in the RK field. To fund the development on this new expanded production licence, the Company is exploring its alternatives, including potential joint venture partners.
Operators:
Cub Energy & NAFTA International (through their wholly-owned subsidiary, CNG LLC (Ukraine LLC): Operator with 100% interest
In July 2016 Cub Energy has entered into a share purchase agreement and Shareholders’ Agreement with NAFTA International. This means NAFTA earns a 50% interest in the Company’s newly formed subsidiary, CNG Holdings Netherlands, who owns CNG LLC (Ukraine LLC).