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Gold/Mining/Energy : KUB.V - Cub Energy Inc.

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From: JRod775/3/2020 3:57:23 PM
   of 62
Article : Cub Energy JV Partner Moves Forward In Ukraine

Nafta has obtained a mining license in Ukraine

The Ukrainian government decided on Wednesday.

May 1, 2020 at 11:26 AM SITA

BRATISLAVA. The company Nafta, which operates gas storage facilities in Slovakia and is engaged in the exploration and extraction of hydrocarbons, is consolidating its position in Ukraine.

EP Ukraine, in which Nafta has a 10% share and Energetický a prumyslový holding (EPH) has a 90% share, has obtained a license to explore and extract mainly natural gas in the Ukrainian projects Grunivska and Ochtyrska.

The Ukrainian government decided on Wednesday.

Two mining sites

As EPH further informed through the portal of the Slovak Gas and Oil Association, its subsidiary EP Ukraine was selected on the basis of evaluation criteria developed by experts, international consulting companies and energy organizations.

"We welcome the opportunity to use our financial and technological advantages in the dynamic development of the Ukrainian energy sector," said EP Ukraine in response.

EP Ukraine will now launch an extensive investment program, including in the first phase the implementation of seismic measurements and the drilling of a significant number of exploratory wells. For the supply of services and materials will use local Ukrainian companies and experts.

The Grunivska project is located in the Sumy and Poltava self-governing areas and covers an area of ??almost 1,100 square kilometers.

The Ochtyrska project with a total area of ??670 square kilometers extends on the border of the Sumy, Poltava and Kharkiv self-governing regions.

Diesel will be involved in the development of mining

Nafta, as a Central European leader in the production and storage of oil and natural gas with more than 105 years of experience, is ready to ensure the active development of individual licenses for the exploration and production of hydrocarbons, especially natural gas, in the Ukrainian project.

Last year, through its subsidiary Nafta RV LLC, it participated in the tender for Vantazhkivsk's license.

With its bid in the auction, it succeeded and obtained the right to a Vantazhkivske license near the town of Poltava.

Diesel also started last year with Cub Energy Inc. to implement the first of three planned exploratory wells near Uzhhorod.

The Slovak company Nafta, through its subsidiary Nafta International BV, entered the Ukrainian market about four years ago after obtaining 50 percent in the Uzhhorod license.

Since then, the partners have been working on a joint project aimed at exploring the Uzhhorod license in western Ukraine.

The Uzhhorod license is a geological continuation of highly explored areas in eastern Slovakia and copies the trend of discovered deposits in Slovakia.

As the main shareholder of EP Ukraine, EPH is active in the Czech Republic, Slovakia, Germany, France, the United Kingdom, Ireland , Italy , Poland and Hungary. The holding covers the entire spectrum of energy production and distribution.
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