Cub Energy Announces Sale of CNG Interest

Source: www.gulfoilandgas.com 4/30/2021, Location: Asia

Cub Energy Inc. (“Cub”) (KUB), announces it has entered into a share purchase agreement (“SPA”) to sell its 50% interest in CNG Holdings Netherlands B.V. (“CNG”), which in turn owns CNG LLC (Ukraine LLC), the 100% owner of the Uzghorod licence in western Ukraine.

Cub is to receive consideration of Euro 800,000 (US $970,000) for its 50% interest in CNG. The consideration consists of Euro600,000 (US $728,000) in cash on closing and Euro200,000 (US $242,000) is a contingent payment on certain future events including a commercial discovery. The closing is subject to certain conditions including Ukraine regulatory approval. The Company expects the closing in approximately one to two months’ time and will use the cash for general working capital.

Patrick McGrath, Cub’s Interim Chief Executive Officer, said “Cub decided to divest its interest in CNG as we view it as a non-core asset that will likely be capital intensive in the near future as it is at the exploration stage.”


Canada >>  6/21/2021 - Pembina Pipeline Corporation announced that Pembina and Inter Pipeline Ltd. ("Inter Pipeline") have filed cross-applications with the Alberta Securiti...
United States >>  6/21/2021 - Brookfield Infrastructure Partners L.P., together with its institutional partners (collectively, “Brookfield Infrastructure”) has filed a second notic...

Canada >>  6/18/2021 - Offer Highlights
- Revised Offer from Brookfield Infrastructure will include an ability for Inter Pipeline Ltd. (“IPL”) shareholders to receive ...

Malaysia >>  6/18/2021 - Dagang NeXchange Berhad (“DNeX”) has received approval from shareholders after its Extraordinary General Meeting for the company’s proposed acquisitio...

Saudi Arabia >>  6/18/2021 - Aramco and an international investor consortium, including EIG and Mubadala, announced the successful closing of the share sale and purchase agreement...
Canada >>  6/16/2021 - Superior Plus Corp. has closed the previously announced acquisition of the assets of a retail propane distribution company based in South Carolina, op...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.