Cub Energy Announces Closing of Sale of CNG Interest

Source: www.gulfoilandgas.com 12/21/2021, Location: Asia

Cub Energy Inc. has closed the sale of its 50% interest in CNG Holdings Netherlands B.V. (“CNG”), which in turn owns CNG LLC (Ukraine LLC), the 100% owner of the Uzhgorod licence in western Ukraine as originally announced on April 30, 2021.

Cub is to receive consideration of up to €800,000 (US $900,000) for its 50% interest in CNG consisting of €600,000 (US $675,000) in cash received on closing and €200,000 (US $225,000) as a contingent payment on certain future events including a commercial discovery.

Patrick McGrath, Cub’s Chief Executive Officer, said “Cub is pleased to have monetized this asset as part of its strategy to divest non-core assets as it pursues new opportunities.”


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