Cub Energy received over $2 million in profit from gas sales in Q1-Q3 2021

Production Company Cub Energy (Cub) (has a 35% equity ownership interest in Kub-Gas LLC, Tysagaz LLC 100% owned subsidiary and CNG LLC a 50% equity ownership interest) with assets in Ukraine, made about USD 2.138 million in profits for the three quarters of 2021, as compared with a loss of $2.274 million last year. The company's press service reported referring to the company's financial and operational statement for the corresponding period.

Patrick McGrath, CEO of Cub, noted on this occasion:

"We are pleased to announce the profit of $2.138 million in gas sales revenues for the first nine months of 2021. The increase in the price of natural gas was the main driver affecting the financial results for 2021. Cub also signed an agreement to sell its 35% stake in Kub-Gas for $10.6 million. The proposed sale will reduce Cub's debt and allow it to focus on its assets with 100% ownership and the new opportunities."

Key operating results for the three quarters of 2021:

The average price of natural gas increased to USD 7.66 /Mcf, and for condensate - to $69.16/bbl as compared to $3.59 /Mcf and $40.33//bbl for the same period in 2020. The average daily production for the specified period was 513 boe/day (68.78 tcm a day), of which 97% is natural gas, and the rest is condensate, which is 19.5% less than last year (638 boe/day).

18:05 / 30 November 2021

Upcoming events
09:00 / 23 September, 2021
09:00 / 20 May, 2021
08:00 / 26 September, 2019
ODESA OFFSHORE CONFERENCE-2019 Ukraine has every chance to resume the work of the most promising oil and gas region, the Southern oil&gas fields. The untapped deposits of oil and gas are located both onshore and subsea. Four companies have already poised to conclude Production Sharing Agreements with Ukraine, whilst bidding for the Dolphin oil&gas fields on Black Sea shelf. The Odesa Offshore Conference (OOC2019) will serve as a venue for Ukrainian and international bidders to meet with local and international drilling, oilfield service and equipment manufacturers to kick-off emerging subsea and onshore projects in Ukraine.
ODESA OFFSHORE CONFERENCE-2019
All events