Cub Expanded 20-Year Production License

Source: www.gulfoilandgas.com 3/14/2016, Location: Asia

Cub Energy Inc. (Cub) announces that its wholly-owned subsidiary, Tysagaz LLC, has been granted a production license with additional acreage in western Ukraine. The new Uzhgorod license covers approximately 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, authorizing full industrial production from the Uzhgorod license for a 20-year term, during which the Company will be allowed to conduct both exploration and production activities. The new production licenser places the previously issued 5-yearSpecial Permit for exploration, which was scheduled to expire in January 2016.The new expanded Uzhgorod license is on trend with the discoveries in the Republic of Slovakia, which adjoins the license on the west and the Tysagaz operated (100%-owned by Cub) Rusko - Komarivske (RK) field in close proximity on the east. Approximately 35line kilometer of 2Dseismic data was acquired in 2013 on the original Uzhgorod exploration license.

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 license, the Company is exploring its alternatives, including potential joint venture partners.

Mikhail Afendikov, Chief Executive Officer of Cub said, “ The Uzhgorod production license and expanded acreage will give us the opportunity to continue to explore and produce hydrocarbons in western Ukraine. Cub’s total acreage in Ukraine (east and west combined) is approximately302,000 gross acres (170,000 net acres).”


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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