Slovak NAFTA Buys 50% of Uzhhorod Gas Field

Slovak oil company NAFTA has bought 50% of Uzhhorod gas field from U.S. Cub Energy Inc. for $1.5 million, Interfax-Ukraine cites a statement from NAFTA.

"We hope it will be the first step to create a NAFTA portfolio in Ukraine," NAFTA CEO Martin Bartošovič claimed.

In March 2016, Cub Energy Inc. received a 20-year permit to develop a 301 km2 (116 mi2) gas field in Uzhhorod Oblast.

According to Cub Energy Inc., NAFTA will provide funds for 3-D seismic survey of 100 km2 (39 mi2) and drilling three holes within four years.

Texas-based Cub Energy Inc. claims it is one of top-five oil and gas operators in Ukraine. Its primary shareholder is businessman Mikhail Afendikov.

Source: Ukrayinska Pravda