NAFTA raises its stake in Ukraine

NAFTA a.s., through its subsidiary NAFTA International B.V., has entered into a Share Purchase Agreement with Cub Energy Inc. According to contract NAFTA International B.V. purchases the 50% of shares in CNG Holdings Netherlands B.V. and thus shall become the sole holder of the Uzhhorod license. The closing is subject to certain conditions including Ukraine regulatory approval.

NAFTA and Cub Energy had since 2016 actively partnered in the exploration of the Uzhhorod License. Together, they completed 3D seismic exploration over a 118 square kilometer area, identifying several prospects, and had already drilled the first exploration well. 

„We entered the Ukrainian market for the first time thanks to the conclusion of a partnership with Cub Energy and the acquisition of 50% in the Uzhhorod license. During the cooperation, we shared mutual know - how and especially had the opportunity to apply our many years of experience in geology, reservoir engineering and drilling. Acquiring a 100 percent of the license gives us a further opportunity for more flexible development of activities as well as investments in this location,” explained Martin Bartošovič, CEO of NAFTA.

The Uzhhorod License, covering 300 square kilometers, is a geological continuation of much- explored areas in eastern Slovakia and is on trend with discoveries in Slovakia.