Today VET announced results and also put out a company presentation. Information regarding their Ukraine purchase was unknown until now. But if you compare the presentation information and maps below, you can see that Vermilion is very close to Cub Energy. So keeping an eye on both companies for drill results. In truth, it almost makes more sense for VET to acquire KUB since VET shares the same JV in Slovakia(NAFTA) and have similar mineral leases. They also share directors. https://www.vermilionenergy.com/files/Vermilion_Energy_-_Corporate_Presentation_-_Nov_2019_-_WEB.pdf Awarded two exploration licenses totaling approximately 500,000 gross acres in Ukraine, in a 50/50 partnership with Ukrgazvydobuvannya ("UGV“), a Ukrainian state owned gas producer ► Partnership includes access to technical data, local drilling fleet, and key infrastructure ► Licenses located in one of Europe’s most prolific natural gas basins, the Dnieper-Donets Basin ► Adjacent to several existing multi-TCF gas fields ► Limited application of modern exploration and exploitation technology ► Production sharing agreement has attractive fiscal regime with gas market priced on European imports at Ukrainian hub (TTF premium) ► Modest back-end capital commitment over a 5-year period Compared To KUB: http://www.cubenergyinc.com/_resources/corporate-presentation.pdf?v=4 Transcarpathian Sedimentary Basin (West) ▪ 3 licenses 100% and 50% owned by Cub ▪ 108,000 gross acres (70,500 net) Dnieper-Donets Sedimentary Basin (East) ▪ 6 licenses 35% owned by Cub ▪ 203,000 gross acres (71,000 net acres)
Well, to answer your question, I sometimes deem it necessary to bring back archived information for the sake of decisions. I will mention the price rise on some occasions, as this can prove that the stock has potential even if it is in the cents range rather than dollar. Nothing personal. Very nice reports you have, I bought some of those cub energy stocks. Good lead.
Cub Energy's partner NAFTA just added a whack of new leases in Ukraine, this time in the East, which means business is coming back. But if you look at the recent articles, the rebel/Ukraine cease fire and withdrawal is working. Also keep in mind that Vermillion Energy (VET) also bought leases in the east earlier this year and they are also partnered with NAFTA in Slovakia. https://www.nafta.sk/sk/nafta-sa-stala-vitazom-tendra-o-vatazhkivsku-licenciu NAFTA became the winner of the tender for Vatazhkivskou license Bratislava, October 31, 2019 - NAFTA, through its subsidiary NAFTA RV LLC in Ukraine, has participated in a tender for Vatazhkiv license. With its bid in the auction succeeded and obtained a license Vantazhkivske near the city of Poltava. NAFTA has participated in an online auction offering five licenses covering a total area of more than 700 km 2 . According to the official results of the tender, the company was successful with its offer. Once all the conditions and other formal steps have been fulfilled , NAFTA will acquire a license for the exploration and subsequent production of hydrocarbons under that license for 20 years. The main objective of the company is to use its long-term experience, to comprehensively explore the potential of the license and to identify all extractable stocks. NAFTA has been active in Ukraine since 2016, when it acquired fifty percent of its license for exploration and production of hydrocarbons in the west of Ukraine with CUB Energy Inc. In this exploration region, NAFTA and its partner carried out a 3D seismic survey and in September 2019 began the first exploration well under the Uzhhorod license. NAFTA is an international company with extensive experience in the field of storage and construction of underground gas storage facilities in Slovakia and also a Slovak leader in the exploration and extraction of hydrocarbons. The company is active in Central European countries and is present in the Czech Republic, Germany, Austria and Ukraine. NAFTA operates underground storage facilities with a total storage capacity of approximately 60 TWh in several countries, making it the 6th largest gas storage operator in Europe, conducting exploration activities and participating in renewable energy storage projects .
Kremlin Confirms Putin to Take Part in Ukrainian Peace Summit in Paris https://www.nytimes.com/reuters/2019/11/18/world/europe/18reuters-ukraine-crisis-russia-summit.html Kremlin Confirms Putin to Take Part in Ukrainian Peace Summit in Paris By Reuters Nov. 18, 2019 Updated 6:28 a.m. ET MOSCOW — The Kremlin confirmed on Monday that Russian President Vladimir Putin would take part in a four-way international summit in Paris on Dec. 9, an attempt to advance efforts for a peaceful resolution to the conflict in eastern Ukraine. The French presidency said on Friday that the leaders of France, Germany, Russia and Ukraine would take part. But until Monday the Kremlin had failed to publicly confirm its attendance. Kremlin spokesman Dmitry Peskov told reporters on Monday that Putin would attend, but declined to discuss what Moscow's expectations for the event were. (Reporting by Alexander Marrow and Maria Kiselyova; Editing by Andrew Osborn)
Cub Energy Inc. Financial Results For Nine Months (In US Dollars. Multiple By 1.33 For CAD Value) All information below is available on Sedar ASSETS Cash: $7,515,000 Prepaid Expenses: $978,000 Receivables: $257,000 Equity Investment: $9,912,000 Property & Equipment: $4,923,000 Non-Current Receivables: $842,000 Total Assets: $24,427,000 (June Asset Value: $23 million, increase of $1.4 million in assets) Liabilities Payables: $4,022,000 Loan from KUB-Gas: $5,917,000 Shareholder Loan: $2,000,000 - From CEO who owns majority of CUB shares Provisions: $588,000 Total Liabilties: $12,527,000 (June Liabilities: $12.444 million) MD&A Highlights: • The Company reported income from equity investment of $2,350,000 during the nine months ended September 30, 2019 as compared to income of $4,953,000 in the comparative 2018 period. • The Company reported net income of $260,000 or $0.00 per share during the nine months September 30, 2019 as compared to net income of $2,508,000 or $0.01 per share during the same period in 2018. • The Company recorded $2,790,000 in dividends during the nine months September 30, 2019 compared with $3,847,000 in dividends in the comparative 2018 period. • Production averaged 824 boe/d (97% weighted to natural gas and the remaining to condensate) for the nine months September 30, 2019 as compared to 826 boe/d for the 2018 comparative period. • Netbacks of $18.49/boe or $3.08/Mcfe were achieved for the nine months September 30, 2019 as compared to netback of $27.22/Boe or $4.54/Mcfe for the comparative 2018 period. • Achieved average natural gas price of $5.85/Mcf and condensate price of $48.43/bbl during the nine months September 30, 2019 as compared to $7.47/Mcf and $59.80/bbl for the same period in 2018. • CNG drilled the U101 well that showed that the prospective reservoir sands were water saturated with traces of natural gas that indicate there was gas migration, but no viable trapping mechanism in this particular prospect. The U101 well obtained valuable subsurface geological and petrophysical data that will be used to refine the seismic mapping and geo-modelling prior to drilling additional wells on the license. This upcoming study may result in revising the drilling priorities for the identified prospect inventory. • Kub-Gas expects to drill a new well called Makeevskoye-30 (“M-30”). The Makeevskoye licence has produced nearly half of the historical production for Kub-Gas. The M-30 well is expected to spud in Q1 2020. • During the quarter ended September 30, 2019, Kub-Gas performed a recompletion of the Olgovskoye18 (“O-18”) well in the B-8-9 reservoir which resulted in a 30% increase in production and the well is now producing at a combined rate of approximately 0.9 million cubic feet per day (“MMcf/d”). KubGas uses its own completion equipment and personnel. • The Company has determined that the Nitrogen Rejection Unit (“NRU”) requires process improvements before it can be deployed to Ukraine. The Company is currently negotiating with engineering firms to complete the required modifications. Eastern Ukraine KUB-Gas Assets (35%) Kub-Gas expects to drill the M-30 well in Q1 2020. The Makeevskoye licence has produced nearly half of the historical production for Kub-Gas. The M-30 well will target the M-7 horizon. Kub-Gas recompleted the Olgovskoye-7 (“O-7”) well to the M6v which increased its production to 0.6 MMcf/d. The M6v is a relatively small gas reservoir and the current rate is approximately 0.3 MMcf/d. Kub-Gas also recently recompleted two other wells for a combined additional increase of approximately 0.35 MMcf/d in field production. During the quarter ended September 30, 2019, Kub-Gas performed a recompletion of the O18 well in the B-8-9 reservoir which resulted in a 30% increase in production and the well is now producing at a combined rate of approximately 0.9 MMcf/d. Kub-Gas uses its own completion equipment and personnel, so the costs are associated with materials and outside services as needed for particular activities. There are approximately ten other wells with “behind pipe pays” that may be attractive recompletion opportunities in the Olgovskoye License. As the currently producing intervals deplete, the production team can recomplete these additional zones in the existing wells. On the West Olgovskoye licence, Kub-Gas expects to commence a 270 km2 3D seismic program in 2020 to delineate known structures found from 2D seismic. Western Ukraine CNG Assets (50% Interest) In western Ukraine, CNG drilled the U101 well that showed that the prospective reservoir sands were water saturated with traces of natural gas that indicate there was gas migration, but no viable trapping mechanism in this particular prospect. The U101 well obtained valuable subsurface geological and petrophysical data that will be used to refine the seismic mapping and geo-modelling prior to drilling additional wells on the license. This upcoming study may result in revising the drilling priorities for the identified prospect inventory. The costs of drilling the first three wells will be incurred 100% by our partner. Western Ukraine Tysagaz Assets (100% Interest) The RK field was temporarily suspended on April 1, 2016 because the nitrogen concentration exceeded the allowable limit stipulated by the gas pipeline operator. The Company is currently selling a modest amount of rich gas from a deep well to evaluate the Mesozoic formation on the RK field. During the nine months ended September 30, 2019, and due to continued delays in the completion of the NRU, the Company and the NRU manufacturer entered into a mutual release agreement, including the release of the arbitration claim, in exchange for the Company taking physical possession of the NRU “as is”. The Company has determined that the NRU requires process improvements before it can be deployed to Ukraine. The Company is currently negotiating with engineering firms to complete the required modifications Foreign Currency Translation Income/Loss During the third quarter ended September 30, 2019, the foreign currency translation income was $1,832,000 as compared to a loss of $1,721,000 in the comparative 2018 quarter. The foreign currency translation income was $3,011,000 during the nine months ended September 30, 2018 as compared to a loss of $376,000 in the comparative 2018 period. The income and losses relate to the revaluation of the Company’s foreign assets and liabilities from the local currency (Ukrainian, Canadian and European currencies) to the US dollar in accordance with the Company’s accounting policy for the translation of its subsidiaries. The recent foreign currency translation income was primarily the result in the strengthening of the Ukrainian Hryvnya against the US dollar. The carrying value of the assets of the Ukrainian subsidiaries were materially impacted by the volatility of the local currencies in the past. The appreciation/devaluation materially raises/lowers the carrying value of the Ukrainian property, plant and equipment and the value of the equity investment in KUB Holdings. These gains/losses do not impair the ability of those assets or liabilities to perform their intended purpose. Liquidity, Capital Resources and Financings At September 30, 2019, the Company had a cash balance of $7,515,000 (December 31, 2018 - $7,236,000) and working capital deficit of $1,189,000 (December 31, 2018 – working capital of $3,798,000). The working capital was largely impacted by the Kub Gas loans being classified as current liabilities as a result of callable feature allowing the loans to be called any time before the maturity date of December 31, 2020. The Kub Gas loans amount to $5,917,000. The Company had no long-term debt or capital leases other than the Pelicourt loan. The Company has historically been able to raise funds through the issuance of common shares or debt although there are no assurances funds will be able in the future. The Company has a $2,000,000 secured shareholder loan with Pelicourt, a related party to the Company. The shareholders loan bears interest at 12% per annum payable quarterly and the principal of the shareholder loan is due on January 31, 2021. Pelicourt was granted security over Gastek which indirectly owns the 35% interest in KUB-Gas. The security is available on an event of default and limited only to the amount owing on the shareholder loan including principal and interest. In June 2017, the Company entered into a second shareholder loan agreement with an officer of the Company. The shareholder loan is for $1,000,000 with an annual interest rate of 6% payable monthly. The shareholders loan was repaid in four equal quarterly installments and repaid in full on June 30, 2019. During the nine months ended September 30, 2019, the Company received $2,790,000 in dividends from KUB Holdings as compared to $3,847,000 in dividends in the 2018 comparative period. During the nine months ended September 30, 2019, the Company expended $9,000 on capital expenditures as compared to $219,000 in the 2018 comparative period, which was largely related to the NRU. During the nine months ended September 30, 2019, KUB-Gas incurred approximately $1,226,000 (2018 - $3,444,000) of capital expenditures on property, plant and equipment which was the workovers in 2019 and primarily the NY-3 well in 2018. CNG expended approximately $1,670,000 for drilling the U101 well during the nine months ended September 30, 2019 as compared to $71,000 in the 2018 comparative period. The CNG capital expenditures are largely paid by the company’s 50% equity partner. There remains significant doubt about the ability of the Company to continue as a going concern and meet its obligations as they become due. Outlook In eastern Ukraine, Kub-Gas is focused on drilling the Makeevskoye-30 (“M-30”) well in Q1 2020 and evaluating additional recompletion operations given the success of recompletions in 2018 and 2019. Kub-Gas expects to commence a 3D seismic program in 2020 on the West Olgovskoye licence to delineate known structures found from 2D seismic. In western Ukraine, CNG is utilizing the valuable subsurface data from the U101 well and refining its model to determine the next drilling priorities. The costs of drilling the first three wells will be incurred 100% by our partner.
Russia, Ukraine Reach 2nd Prisoner Exchange Dea https://www.themoscowtimes.com/2019/11/28/russia-ukraine-reach-2nd-prisoner-exchange-deal-rbc-a68356 Russia, Ukraine Reach 2nd Prisoner Exchange Deal – RBC 10 hours ago Ukraine and Russia have reached the final stages of an all-for-all prisoner exchange agreement ahead of a key peace summit next month, the RBC news website reported Thursday. Russia and Ukraine swapped 35 prisoners each in September, a move that appeared to presage a thaw in relations that have been frozen since Moscow annexed Crimea in 2014. Kiev and Moscow said afterward that the sides were working on a fresh prisoner swap ahead of a four-way peace summit on the eastern Ukraine conflict set for Dec. 9. Ukraine is ready to hand over 250 prisoners in exchange for 100 prisoners held by pro-Russian rebels in eastern Ukraine, RBC cited four unnamed sources familiar with the negotiations as saying. “The lists have already been agreed and approved,” one of the sources was quoted as saying. “The legal stage is coming to an end.” The new prisoner swap could be adopted when the leaders of France, Germany, Russia and Ukraine meet in Paris on Dec. 9, a source close to the Ukrainian president told RBC. Still, the source close to Volodymyr Zelenskiy and an unnamed negotiator cautioned that the exchange depends on the outcome of the four-way summit. The Sept. 7 exchange included Ukrainian filmmaker Oleg Sentsov, the 24 Ukrainian sailors captured by Russia in the Kerch Strait, potential MH17 crash witness Vladimir Tsemakh and Russian journalist Kirill Vyshinsky. The conflict between pro-Russian rebels and Ukrainian troops in the Donbass has killed 14,000 people since it broke out in 2014, according to the United Nations.
Ukraine and Russia agree to implement ceasefire https://www.bbc.com/news/world-europe-50713647 Ukraine and Russia agree to implement ceasefire 2 hours ago Ukraine and Russia have agreed to implement a "full and comprehensive" ceasefire in eastern Ukraine by the end of 2019, after top-level talks. Russian President Vladimir Putin and Ukraine's Volodymyr Zelensky met face to face in Paris on Monday. Five-and-a-half years of fighting between Ukrainian government forces and Russian-backed rebels have cost 13,000 lives. The negotiations were brokered by the leaders of France and Germany. They follow a big prisoner swap and the withdrawal of Ukraine's military from three key areas on the front line. What was agreed? In a written statement, the countries agreed to the release and exchange of all "conflict-related detainees" by the end of the year. The two sides also pledged to disengage military forces in three additional regions of Ukraine by the end of March 2020, without specifying which regions would be affected. Additional talks will be held in four month to take stock of the ceasefire's progress. At a press conference after the talks in France's Élysée Palace, President Putin hailed the talks as an "important step" towards a de-escalation of the conflict. President Zelensky said the issue of Russian gas exports via pipelines through Ukraine had been "unblocked" after a dispute about transit tariffs, and an agreement would now be worked out. But Russia and Ukraine continue to disagree on issues such as the withdrawal of Russia-back troops, and elections in areas of Ukraine held by separatist rebels. Mr Putin also called for a change in Ukraine's constitution to give special status to the Donbas region, which is held by the rebels. Ukraine's President Zelensky also told reporters that Ukraine would not make any territorial concessions in exchange for peace. "We saw differences today," said French President Emmanuel Macron, who hosted the talks with German Chancellor Angela Merkel. "We didn't find the miracle solution, but we have advanced on it," he added.
Ukraine and pro-Russians expected to swap prisoners https://www.aljazeera.com/news/2019...-expected-swap-prisoners-191228154200501.html Ukraine president says exchange should take place on Sunday but details of the planned swap are scarce. 7 hours ago Ukrainian authorities and pro-Russian separatists in the war-torn east of the country are expected to swap dozens of prisoners in a front-line operation on Sunday. Both sides had said earlier this month they would carry out a prisoner exchange by the end of the year, following high-profile peace talks in Paris aimed at de-escalating Europe's only active war. "The exchange should be tomorrow. We're all waiting for it," Ukrainian President Volodymyr Zelenskyy said on Saturday, calling it "the most difficult task this year". Earlier, a spokeswoman for the self-declared rebel republic of Donetsk, Daria Morozova, announced that there was an agreement for the swap. She said two separatist territories Donetsk and Lugansk will get 87 prisoners, while 55 others will be handed over to Kyiv, without giving details on the identity of those involved. The prisoner exchange is expected to take place near the town of Gorlivka in the separatist-held Donetsk region in eastern Ukraine's industrial heartland. Russian media reported that the operation will take place on the front line. The swap would come three months after Ukraine carried out a long-awaited exchange with Russia of 35 prisoners each. More than 13,000 people have been killed since pro-Russia fighters in eastern Ukraine launched a bid for independence in 2014, sparking the conflict. Details of Sunday's exchange were scarce, with officials saying that lists of prisoners were still being agreed. The Organization for Security and Co-operation in Europe (OSCE) Special Representative, Martin Sajdik, confirmed that preparations for the swap were under way. Peace talks At the Paris summit this month, the leaders of France, Germany, Russia and Ukraine agreed to implement a full ceasefire and proceed with a new withdrawal of forces from conflict zones by March 2020. Russian President Vladimir Putin and his Ukrainian counterpart Zelenskyy also held their first face-to-face talks and agreed on measures to de-escalate the conflict. The December 9 summit was the first of its kind in three years. Since coming to power in May, comedian-turned-President Zelenskyy, 41, has sought to revive a peace process to end the separatist conflict. READ MORE Putin, Zelenskyy agree to Russia-Ukraine prisoner swap at summit The Kremlin has sent signals that it is ready to work with Zelenskyy, whom Putin has described as "likeable" and "sincere". Before the summit, Kyiv and separatists completed a partial troop pullback. French President Emmanuel Macron said at the time of the Paris meeting a new summit would be held in four months to take stock of progress on ending the conflict. Countries have sought to revive accords signed in Minsk in 2015 that call for the withdrawal of heavy weapons, the restoration of Kyiv's control over its borders, wider autonomy for Donetsk and Lugansk, and the holding of local elections. However, there was no sign of warmth between the leaders of Ukraine and Russia in Paris and many doubt whether Putin genuinely wants to settle the conflict. Speaking in Moscow this month, Putin said if Kyiv gets back control of the border in the east, pro-Russian residents of separatist-held territories could be targeted. Zelenskyy's peace plan has also been strongly criticised by war veterans and nationalists. Various nationalist organisations even deployed their own troops to the front line in an effort to prevent a troop pullback in line with peace agreements.
NAFTA confirms its interest in the project in eastern Ukraine Note: As Ukraine heals from years of battling with rebels (recent peace efforts in December), more companies will continue to invest in Ukraine's lucrative oil and gas assets. Over a million acres have been purchased over the last several months between Vermilion Energy, NAFTA and other large cap companies. This bodes well for Cub Energy Inc as the company holds 140,000 acres of mostly producing assets with many drill targets. Below it also mentions the "Uzhgorod license with a partner" this is Cub Energy. NAFTA still has 2 wells to drill at no cost to Cub, along with a dozen other possible targets after that. Add in the NRU project(completed by end of 2020) and the Eastern wells (M30 to start shortly) and we have a wonderful evolving story. Company is well funded and has great cash flow. The sell off in the fall was just a large shareholder from years ago that wanted out, but does not justify the true value of the company at present time. https://www.nafta.sk/sk/nafta-potvrdzuje-svoje-zaujem-o-projekt-na-vychode-ukrajiny Bratislava / Prague, 9 December 2019 - NAFTA as, together with the EPH energy group, are continuing their joint efforts to acquire the Yuzivska project in eastern Ukraine. NAFTA as (NAFTA) and EPPE Power Europe (EPPE) are prepared to jointly develop the Yuzivska project under conditions approved by the Government of Ukraine. Both companies belong to the energy group Energy Industrial Holding (EPH), and were approved by the Interministerial Commission at the Ukrainian Ministry of Energy as investors who meet the technical and financial conditions for the development of the Yuzivska project. NAFTA will act as a technical operator in the project. The company has been operating in the field of hydrocarbon exploration and extraction for more than 105 years and intends to use the unique know-how it has gained from many projects in the project for many years in its core areas. In addition, NAFTA has been actively operating in Ukraine since 2016, where they are developing a Uzhgorod license with a partner. “The EPH Group declares a continuing interest in the Yuzivska project and is ready to assume the relevant investment obligations under the approved Production Sharing Agreement (PSA). Our subsidiary EP Yuzivska is ready to sign a PSA approved by the Ukrainian government and EPH is ready to issue a guarantee to the parent company to secure the financial resources needed for the implementation and rapid development of the Yuzivska project immediately after its approval. Since we have a detailed mapping of the project, we can guarantee the timely extraction of hydrocarbons for the Ukrainian market, ” said a source from the EPH Group. “Yuzivska is a greenfield project associated with a high geological risk and requires extensive research work. We believe that by implementing our know-how, experience and methods, we will be able to uncover the full potential of the license. As part of this project, we are ready to allocate our capacities to Ukraine in order to fully develop this project and ensure increased energy independence of Ukraine, ” said the CEO of NAFTA as NAFTA as is an international company with extensive experience in the field of storage and construction of underground gas storage facilities in Slovakia and also a Slovak leader in the exploration and extraction of hydrocarbons. The company is active in Central European countries and is present in the Czech Republic, Germany, Austria and Ukraine. NAFTA operates underground storage facilities in several countries, conducts exploration activities and participates in renewable energy storage projects. With a total storage capacity of approximately 60 TWh, it is the 6th largest gas storage operator in Europe.
We should be hopefully getting that update on M30 next week. Management told me mid Jan, but warm weather delayed the equipment move to site a little bit. Once that gets started, things will pick up.
Cub Energy unit begins drilling M-30 well 2020-01-28 07:48 MT - News Release Mr. Mikhail Afendikov reports CUB ENERGY INC. ANNOUNCES SPUDDING OF THE M-30 WELL IN EASTERN UKRAINE Cub Energy Inc.'s 35-per-cent-owned KUB-Gas LLC subsidiary, which owns and operates the eastern Ukraine licences, has commenced drilling of the Makeevskoye-30 (M-30) well. The M-30 well is planned to a total depth of 1,985 metres to evaluate several prospective horizons. The M-30 well is financed through existing Kub-Gas cash flow. Mikhail Afendikov, chairman and chief executive officer of Cub, said: "We are pleased to announce the spudding of the M-30 well in eastern Ukraine. The M-30 well will be the first well drilled on the producing M field in over three years after recent successful recompletions on the M and O fields at Kub-Gas." About Cub Energy Inc. Cub Energy is an upstream oil and gas company, with a proven record of exploration and production cost efficiency in Ukraine. The company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of producing oil and gas assets within a high-pricing environment. We seek Safe Harbor. © 2020 Canjex Publishing Ltd. All rights reserved.
M30 should be a nice producing well. If the company was getting 100-200boed from old recompleted wells, a brand new one should be 2-3 times the rate.
FT: Putin's new Ukraine man lifts hopes of peace progress in Kyiv 10:19, 30 January 2020 WORLD 1577 0 People close to the peace talks said the changes were intended to formalise Mr. Kozak's emergence as Mr. Putin's lead negotiator on Ukraine. https://www.unian.info/world/108519...an-lifts-hopes-of-peace-progress-in-kyiv.html Vladimir Putin's promotion of a crucial figure driving peace talks with Ukraine has been welcomed by Kyiv as a signal of renewed willingness in Moscow to resolve the six-year conflict between the two countries. Dmitry Kozak, a former deputy prime minister, was appointed to a newly created position in the presidential administration last week as part of sweeping changes in the Kremlin that analysts said were designed to lengthen Mr. Putin's rule, according to the Financial Times. The announcement was followed by the reported resignation of Vladislav Surkov, Mr. Putin's chief negotiator on Ukraine. People close to the peace talks said the changes were intended to formalise Mr. Kozak's emergence as Mr. Putin's lead negotiator on Ukraine. Mr. Kozak oversaw two landmark prisoner exchanges last year that were widely hailed as progress in efforts to bring an end to the conflict between Ukraine and Russia-backed armed forces. The conflict in eastern Ukraine, which started with Russia's annexation of Crimea from Ukraine in 2014, has claimed 14,000 lives. Mr. Kozak has also helped resurrect four-party peace talks led by France and Germany. The so-called "Normandy four" negotiations resumed last month after years of stalling under Mr. Surkov. "Surkov was playing interference. If he is really gone this is good," said a person close to Ukrainian president Volodymyr Zelensky. Mr. Kozak will now have to reconcile Ukraine's efforts to reclaim the two Moscow-backed breakaway states on its border with Russia. Mr. Zelensky has refused to grant the regions lasting autonomy – a move seen in Ukraine as giving Russia a veto over Kyiv's pro-western foreign policy – and instead wants to include them in a planned decentralisation reform. "Surkov was [driving] a policy of weakening Ukraine and preventing the signature of future EU and Nato agreements by politically destabilising the territory," a person familiar with the peace talks said. "Now we are more into managing the process on the ground. [ . . .] It's a more pragmatic approach. Kozak is a stronger administrator and good on the economy." But other people close to the talks cautioned that Mr. Putin, who has shown no sign of easing pressure on Ukraine, will remain the ultimate decision maker. "Zelensky's guys just associate all the problems with Surkov. They don't get who they're dealing with," the former Kremlin colleague said. "Of course they won't give the territories back. It's a fantasy."
Looks like the M30 well missed unfortunately, but KUB had $7.5 million USD in cash and this well cost them around $500,000 to do. That means they still have 3 cents a share in cash, no value given on producing assets or additional projects ongoing. A new company presentation came out today and clearly shows they have a lot on the go. So not sure how their first free JV well in September and this recent well destroyed 80% of the company value when they are still up in cash year over year and Ukraine is starting to push a peace effort through. February 2020 presentation: http://www.cubenergyinc.com/_resources/corporate-presentation.pdf Recent news: Cub Energy interest Kub-Gas to abandon M-30 well 2020-02-28 07:52 MT - News Release Mr. Mikhail Afendikov reports CUB ENERGY INC. ANNOUNCES UPDATE ON THE M-30 WELL IN EASTERN UKRAINE Kub-Gas LLC, Cub Energy Inc.'s 35-per-cent-owned subsidiary, which owns and operates the eastern Ukraine licences, has drilled the Makeevskoye-30 well to a total depth of 1,985 metres. Logging was performed on several horizons and was evaluated as having non-commercial gas shows. The well will be abandoned and Kub-Gas is reviewing its options for its next operation. About Cub Energy Inc. Cub Energy is an upstream oil and gas company with a proven record of exploration and production cost-efficiency in Ukraine. We seek Safe Harbor. © 2020 Canjex Publishing Ltd. All rights reserved.
Cub signs contract to purchase power generation engines 2020-04-15 06:49 MT - News Release Mr. Mikhail Afendikov reports CUB ENERGY INC. ANNOUNCES CAPITAL COMMITMENT TO RESTART THE RK FIELD FOR POWER GENERATION Cub Energy Inc.'s 100-per-cent-owned subsidiary, Tysagaz LLC, has signed a contract for the purchase of two Jenbacher gas power generation engines that should convert the natural gas produced from the RK field into power that can be sold in western Ukraine at local market rates. Each power generation unit will have the capacity to produce as much as 1.5 megawatts ("MW" of power each or 3 MW in total. The RK field was materially suspended on April 1, 2016 and this new plan should result in the restart of the RK field. The Jenbacher units will be manufactured in Europe and expected delivery is in the fourth quarter of 2020 with power revenue expected in the first quarter of 2021. The successful sale of power into the local grid will be subject to the successful installation of the Jenbacher units, regulatory commissioning and tie-in to the local power supply. The direct capital costs of the two units are approximately US$1.4 million and the total investment is expected to be approximately US$1.9 million. The total investment amount includes approximately $0.3 million in Value Added Tax (VAT) which should be refunded on commercial production. There are approximately 60 of these power generators units currently in operation in Ukraine. Mikhail Afendikov, Chairman and CEO of Cub said: "We reviewed various alternatives to maximize the value of the RK field and we believe the Jenbacher power generation is the best path for shareholders. It has the potential to generate material cashflow while at the same time capitalizing on the restart of the RK field." Currently, all of the Company's facilities remain fully operational. The company is monitoring recommendations by the public health authorities related to COVID-19 in all its operating regions and is adjusting operational requirements as required. The Company has implemented certain cost-cutting initiatives during the second quarter of 2020, including the layoff of eleven team members, salary adjustments of up to 25% and a general reduction in the use of external consultants. About Cub Energy Inc. Cub Energy Inc. (TSX-V: KUB) is an upstream oil and gas and power generation company, with a proven track record of exploration and production cost efficiency in Ukraine. The Company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of energy assets. We seek Safe Harbor. © 2020 Canjex Publishing Ltd. All rights reserved.
Article : Cub Energy JV Partner Moves Forward In Ukraine Nafta has obtained a mining license in Ukraine The Ukrainian government decided on Wednesday. https://ekonomika.sme.sk/c/22395869/spolocnost-nafta-ziskala-licenciu-na-tazbu-na-ukrajine.html May 1, 2020 at 11:26 AM SITA BRATISLAVA. The company Nafta, which operates gas storage facilities in Slovakia and is engaged in the exploration and extraction of hydrocarbons, is consolidating its position in Ukraine. EP Ukraine, in which Nafta has a 10% share and Energetický a průmyslový holding (EPH) has a 90% share, has obtained a license to explore and extract mainly natural gas in the Ukrainian projects Grunivska and Ochtyrska. The Ukrainian government decided on Wednesday. Two mining sites As EPH further informed through the portal of the Slovak Gas and Oil Association slovgas.sk, its subsidiary EP Ukraine was selected on the basis of evaluation criteria developed by experts, international consulting companies and energy organizations. "We welcome the opportunity to use our financial and technological advantages in the dynamic development of the Ukrainian energy sector," said EP Ukraine in response. EP Ukraine will now launch an extensive investment program, including in the first phase the implementation of seismic measurements and the drilling of a significant number of exploratory wells. For the supply of services and materials will use local Ukrainian companies and experts. The Grunivska project is located in the Sumy and Poltava self-governing areas and covers an area of almost 1,100 square kilometers. The Ochtyrska project with a total area of 670 square kilometers extends on the border of the Sumy, Poltava and Kharkiv self-governing regions. Diesel will be involved in the development of mining Nafta, as a Central European leader in the production and storage of oil and natural gas with more than 105 years of experience, is ready to ensure the active development of individual licenses for the exploration and production of hydrocarbons, especially natural gas, in the Ukrainian project. Last year, through its subsidiary Nafta RV LLC, it participated in the tender for Vantazhkivsk's license. With its bid in the auction, it succeeded and obtained the right to a Vantazhkivske license near the town of Poltava. Diesel also started last year with Cub Energy Inc. to implement the first of three planned exploratory wells near Uzhhorod. The Slovak company Nafta, through its subsidiary Nafta International BV, entered the Ukrainian market about four years ago after obtaining 50 percent in the Uzhhorod license. Since then, the partners have been working on a joint project aimed at exploring the Uzhhorod license in western Ukraine. The Uzhhorod license is a geological continuation of highly explored areas in eastern Slovakia and copies the trend of discovered deposits in Slovakia. As the main shareholder of EP Ukraine, EPH is active in the Czech Republic, Slovakia, Germany, France, the United Kingdom, Ireland , Italy , Poland and Hungary. The holding covers the entire spectrum of energy production and distribution.
Here is an ''in between-er'' article published on April 22nd. Thanks for the update, Dude. HOUSTON, TX / ACCESSWIRE / April 21, 2020 / Cub Energy Inc. ("Cub" or the "Company") (TSXV:KUB), a Ukraine-focused energy company, announces the appointment of Patrick McGrath to the Board effective immediately. Dr. Timothy Marchant has resigned from the Board and the Company wishes to thank Dr. Marchant for his significant contributions over the past seven years. https://www.oilandgas360.com/cub-energy-inc-announces-the-appointment-and-resignation-of-directors/ Mr. McGrath is a Chartered Professional Accountant (CPA, CGA) and has been the Chief Financial Officer of the Company since 2013. Mr. McGrath has over twenty years' experience in finance and management, particularly in international oil and gas and mineral exploration companies. About Cub Energy Inc. Cub Energy Inc. (TSX-V: KUB) is an upstream oil and gas and power generation company, with a proven track record of exploration and production cost efficiency in Ukraine. The Company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of energy assets. For further information please contact us or visit our website: Cub Energy Inc.
