|NAFTA confirms its interest in the project in eastern Ukraine|
Note: As Ukraine heals from years of battling with rebels (recent peace efforts in December), more companies will continue to invest in Ukraine's lucrative oil and gas assets. Over a million acres have been purchased over the last several months between Vermilion Energy, NAFTA and other large cap companies. This bodes well for Cub Energy Inc as the company holds 140,000 acres of mostly producing assets with many drill targets. Below it also mentions the "Uzhgorod license with a partner" this is Cub Energy. NAFTA still has 2 wells to drill at no cost to Cub, along with a dozen other possible targets after that. Add in the NRU project(completed by end of 2020) and the Eastern wells (M30 to start shortly) and we have a wonderful evolving story. Company is well funded and has great cash flow. The sell off in the fall was just a large shareholder from years ago that wanted out, but does not justify the true value of the company at present time.
Bratislava / Prague, 9 December 2019 - NAFTA as, together with the EPH energy group, are continuing their joint efforts to acquire the Yuzivska project in eastern Ukraine.
NAFTA as (NAFTA) and EPPE Power Europe (EPPE) are prepared to jointly develop the Yuzivska project under conditions approved by the Government of Ukraine. Both companies belong to the energy group Energy Industrial Holding (EPH), and were approved by the Interministerial Commission at the Ukrainian Ministry of Energy as investors who meet the technical and financial conditions for the development of the Yuzivska project.
NAFTA will act as a technical operator in the project. The company has been operating in the field of hydrocarbon exploration and extraction for more than 105 years and intends to use the unique know-how it has gained from many projects in the project for many years in its core areas. In addition, NAFTA has been actively operating in Ukraine since 2016, where they are developing a Uzhgorod license with a partner.
“The EPH Group declares a continuing interest in the Yuzivska project and is ready to assume the relevant investment obligations under the approved Production Sharing Agreement (PSA). Our subsidiary EP Yuzivska is ready to sign a PSA approved by the Ukrainian government and EPH is ready to issue a guarantee to the parent company to secure the financial resources needed for the implementation and rapid development of the Yuzivska project immediately after its approval. Since we have a detailed mapping of the project, we can guarantee the timely extraction of hydrocarbons for the Ukrainian market, ” said a source from the EPH Group.
“Yuzivska is a greenfield project associated with a high geological risk and requires extensive research work. We believe that by implementing our know-how, experience and methods, we will be able to uncover the full potential of the license. As part of this project, we are ready to allocate our capacities to Ukraine in order to fully develop this project and ensure increased energy independence of Ukraine, ” said the CEO of NAFTA as
NAFTA as is an international company with extensive experience in the field of storage and construction of underground gas storage facilities in Slovakia and also a Slovak leader in the exploration and extraction of hydrocarbons. The company is active in Central European countries and is present in the Czech Republic, Germany, Austria and Ukraine. NAFTA operates underground storage facilities in several countries, conducts exploration activities and participates in renewable energy storage projects. With a total storage capacity of approximately 60 TWh, it is the 6th largest gas storage operator in Europe.