Cub Energy Inc (KUB)

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https://ekonomika.sme.sk/c/22215680/nafta-zacala-na-ukrajine-hladat-nove-loziska-plynu.html

Diesel began to look for new gas deposits in Ukraine

The depth of all three wells will be in the range of 1500 - 1900 meters.

18 Sep 2019 at 14:15 TASR

BRATISLAVA. Nafta has started exploration license and is looking for gas fields in western Ukraine.

Together with American company Cub Energy Inc. announced the launch of the first of three planned exploration wells under the Uzhgorod license.

Reducing dependence on imports

The depth of all three boreholes will be in the range of 1500 - 1900 meters, the company said on its website.

The Slovak company thus helps Ukraine to reduce its dependence on Russian gas imports.

Under the license Uzhhorod Nafta with Cub Energy conducted a 3D seismic survey over an area of ??118 square kilometers. As a result, several prospective sites were identified.

"We consider working with Cub Energy Inc. to be a successful start to our foreign activities. We particularly appreciate that this partnership has given the opportunity to showcase our extensive experience in areas such as geology, bearing engineering and drilling," said Nafta CEO Martin Bartosovic.

Mining license

Cub Energy Inc. acquired a 20-year mining license in Uzhgorod covering an area of ??approximately 300 square kilometers in March 2016.

Diesel, through its subsidiary Nafta International BV, entered the Ukrainian market after acquiring 50% of Uzhgorod license three months later.

Uzhgorod license is a geological continuation of already explored areas in eastern Slovakia and follows the trend of discovered deposits in Slovakia.

Nafta is the sixth largest operator of gas storage facilities in Europe and also a Slovak leader in the exploration and production of hydrocarbons.

The company is active in Central European countries and is present in the Czech Republic, Germany and Austria in addition to Slovakia and Ukraine .