Deals - Licenses and Concessions
Cub Awarded Expanded Ukraine License; 50,000 Acres
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Cub Energy Inc. announces that its wholly-owned subsidiary, Tysagaz LLC, has been granted a production licence with additional acreage in western Ukraine. The new Uzhgorod licence covers approximately 75,000 acres, which is a 50% increase from its original size of 50,000 acres.
The expanded Uzhgorod block was awarded to the Company on March 11, 2016, by way of a Special Permit by the State Service of Geology and Mineral Resources of Ukraine, authorising full industrial production from the Uzhgorod licence for a 20-year term, during which the Company will be allowed to conduct both exploration and production activities. The new production licence replaces the previously issued 5-year Special Permit for exploration, which was scheduled to expire in January 2016.
The new expanded Uzhgorod…
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