|Looks like the M30 well missed unfortunately, but KUB had $7.5 million USD in cash and this well cost them around $500,000 to do. That means they still have 3 cents a share in cash, no value given on producing assets or additional projects ongoing. A new company presentation came out today and clearly shows they have a lot on the go. So not sure how their first free JV well in September and this recent well destroyed 80% of the company value when they are still up in cash year over year and Ukraine is starting to push a peace effort through. |
February 2020 presentation: cubenergyinc.com
Cub Energy interest Kub-Gas to abandon M-30 well
2020-02-28 07:52 MT - News Release
Mr. Mikhail Afendikov reports
CUB ENERGY INC. ANNOUNCES UPDATE ON THE M-30 WELL IN EASTERN UKRAINE
Kub-Gas LLC, Cub Energy Inc.'s 35-per-cent-owned subsidiary, which owns and operates the eastern Ukraine licences, has drilled the Makeevskoye-30 well to a total depth of 1,985 metres. Logging was performed on several horizons and was evaluated as having non-commercial gas shows. The well will be abandoned and Kub-Gas is reviewing its options for its next operation.
About Cub Energy Inc.
Cub Energy is an upstream oil and gas company with a proven record of exploration and production cost-efficiency in Ukraine.
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