Cossack Energy Limited has been approached by multiple third parties that have shown interest in farming into its 100% owned Limnytska Licence in the Ukraine. Because Cossack owns 100% of the Limnytska Licence the Company is able to farm out its work commitments while still retaining a significant free carried interest. While these farm-out discussions continue the company is also conducting due diligence on several additional value accretive licence acquisition opportunities in the region to add to its oil and gas licence portfolio.
As part of its previously announced work program on the Limnytska Licence Cossack has signed a contract with Ukregeophizyka, a locally based and highly experienced seismic contractor (“Contractor”) to acquire and process approximately 130 km of 2D seismic over its Licence. The program will commence almost immediately as the Contractor has already arranged the necessary land access and government and local shire approvals.