Cub Energy Announces Closing of Sale of 35% Interest in KUBGAS

Source: www.gulfoilandgas.com 2/2/2022, Location: Asia

Cub Energy Inc. has closed the sale of its 35% interest in KUBGAS Holdings Limited (“KUB Holdings”). The sale was for a deemed consideration of approximately US $10.9 million. The consideration was comprised of a cash payment of US $2.6 million and the settlement of US $8.3 million in debt. The US $8.3 million in debt was settled in full through the repayment of debt and the simultaneous issuance of US $7.9 million in dividends to the Company with the difference being the applicable withholding taxes. The Company continued gas trading of its 35% interest in KUBGAS through to November 15, 2021.

Patrick McGrath, CEO of Cub said: “The sale of the Company’s eastern Ukraine asset essentially de-risks the Company’s eastern Ukraine exposure and eliminates the majority of Cub’s debt. The Company is now focused on its 100% owned western Ukraine assets and will continue to review new opportunities.”


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