Cub Energy provaded of its oil and gas reserves in Ukraine

Cub Energy Inc announces the results of its independent reserves evaluations as of December 31, 2020 on its oil and gas properties in Ukraine. The evaluation was performed on the Company’s 35% working interest in KUB-Gas LLC and was conducted by Ryder Scott Petroleum Consultants, an independent qualified reserves evaluators and auditor.

The 100% owned RK field, held by the Company’s wholly-owned subsidiary Tysagaz LLC, was not subject to a Reserve Report in 2020 given the Company is awaiting the commencement of commercial production at the power generation project which will utilize the gas at the RK field. The Company expects to re-evaluate the reserve category of the RK field in 2021.

Patrick McGrath, Interim CEO of Cub said: “The natural gas price assumptions in the 2020 reserve report were approximately 15%-20% lower than the World Bank forecasts for the same period which had a negative impact on the value of the 2020 reserve results. However, to date in 2021, the Company has seen the price of natural gas in Ukraine rebound to the $5/Mcf-$6/ Mcf range. In addition, the Company hopes to have its RK field re-evaluated to a reserve category in 2021 upon the material re-start of the RK field.”

Reserves Category

Natural Gas(
(MMcf)

NGL's
(Mbbls)

Mboe 

MMcfe

Developed producing)

1,090

6

188

1,126

Developed
non-produced)

760

-

127

760

Total Proved (1P)

1,850

6

315

1,886

Total Proved plus Probable (2P)

2,610

9

451

2,664

 

Reserves Category

NPV-10 (US$ Millions)

Proved Developed Producing (PDP)

$2.2

Total Proved (1P)

$2.9

Total Proved plus Probable (2P)

$4.3

17:35 / 2 April 2021

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