Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/cub-energy-to-exercise-first-refusal-to-purchase-r.shtmlCub Energy to exercise first refusal to purchase remaining 70% interest in KUBGAS Holdings
Cub Energy Inc. says that its wholly-owned subsidiary, Gastek LLC, has exercised its right of first refusal to acquire from Serinus Energy Inc. the remaining 70% of KUBGAS Holdings
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Cub Energy Inc. says that its wholly-owned subsidiary, Gastek LLC, has exercised its right of first refusal to acquire from Serinus Energy Inc. the remaining 70% of KUBGAS Holdings Limited held by Serinus.
Cub, through Gastek, currently holds the other 30% of KUBGAS. KUBGAS holds a 100% interest in KUB-Gas LLC, a Ukrainian entity with five production licences and one exploration licence in eastern Ukraine with current gross production of approximately 3,800 boe/d.
On December 23, 2015, Serinus announced that it had entered into an agreement for the sale of Serinus' 70% interest in KUBGAS to a private Ukrainian company for US$30 million plus working capital and inter-company adjustments, subject to Gastek's right of first refusal to purchase at the same price.
