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Slovakia's Nafta acquires 50% in Uzhgorod gas field from Cub Energy

Slovakia's Nafta acquires 50% in Uzhgorod gas field from Cub EnergySlovakia's Nafta with facilities able to store 2.74 billion cubic meters of natural gas and developing gas fields near the border with Ukraine has acquired 50% of the Uzhgorod gas field for EUR 1.5 million from U.S. Cub Energy Inc. with assets in Ukraine.

Cub Energy said in a report that Nafta International B.V. (the Netherlands), the subsidiary of Slovakia's Nafta, acquired 50% in CNG Holdings Netherlands B.V., which holds 100% in CNG LLC (Vovkove, Yuzhgorod district), the holder of the license to develop the Uzhgorod gas field.

"We hope that the project would be a first step in creating a portfolio of Nafta's projects in Ukraine," Nafta CEO Martin Bartosovic said.

According to the public register, the license was issued in March 2016 to Tysagaz for 20 years – until March 11, 2036. In June 2015 the newly created CNG LLC became the holder of the license. The field's area is 301.4 square kilometers.

Read also: Ukraine increases gas production 2% in January-May 2016

Cub Energy said that Nafta will fund a 100 square kilometer 3D seismic survey within 20 months of closing and the drilling of first three wells within four years of closing. The company will fund the tie-in costs of the first three wells up to a maximum EUR 200,000 per well within four years of closing.

"We look forward to our new partnership with Nafta and will leverage their oil and gas experience on the adjoining Slovakian field with our experience in the nearby producing Rusko-Komarivske field in western Ukraine. Together we plan to continue the exploration and development of the Uzhgorod license. We hope to commence the 3D survey later in 2016," Cub’s CEO Mykhailo Afendikov said.
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