Cub Energy Announces Net Earnings of US $3.1 million for 2018
Cub Energy Inc, a Ukraine-focused upstream oil and gas company, announced today its audited financial and operating results for the year ended December 31, 2018. All dollar amounts are expressed in United States Dollars unless otherwise noted. This update includes results from KUB-Gas LLC (“KUB-Gas”), which Cub has a 35% equity ownership interest, Tysagaz LLC, Cub’s 100% owned subsidiary and CNG LLC, which Cub has a 50% equity ownership interest.
Mikhail Afendikov, Chairman and CEO of Cub said: “We wish to report net income $3.1 million or $0.01 per share during the year ended December 31, 2018 and receipt of $5.7 million in dividends from its eastern Ukraine investment. Kub-Gas maintained deliverability over 14 million cubic feet per day by successfully recompleting two wells in the Olgovskoye License during 2018 and Kub-Gas is continuing other recompletions in 2019. In western Ukraine, Cub and its partner plan to drill our first three wells on the jointly owned Uzhgorod license in 2019 which costs are expected to be incurred 100% by our partner. ”