Untimely end of Cub Energy CEO Mikhail Afendikov
The Cub Energy announced the untimely death Mikhail Afendikov, CEO and Founder of the company, who died on February 1, 2021.
"Mykhailo and his partners have played an important role in the creation and development of Kub-Gas LLC to one of the largest private producers of natural gas in Ukraine at the peak of production. Mykhailo was the leader, mentor, and friend of the entire Cub team, and he will be sorely missed,” the company said in a statement.
Prior to Mr. Afendikov's untimely death, the Company reached an agreement with Pelicourt Limited (Pelicourt), in which Mr. Afendikov was the majority shareholder, on January 22, 2021, to extend the shareholder's loan.
The board of directors has appointed Patrick McGrath as interim CEO to oversee day-to-day operations, and Eugene Chaban as interim CFO.
To date, Cub Energy Inc. (USA, Texas) holds 9 licenses for natural gas production through its subsidiaries in Ukraine - KUB-GAZ LLC (35% ownership), Tysagaz (100%), and CNG (50%). Burisma Group owns 65% of Kub-Gas, which develops two fields with a total hydrocarbon potential of 1.151 bcm, owns 5 licenses for subsoil use. Activities at two of them are officially suspended due to the territorial location of fields in the ATO zone. According to ExPro, Kub-Gas produced 103 mcm of gas in 2020.
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.
12:00 / 13 June, 2019
08:00 / 23 May, 2019
Carpathian Oil&Gas Conference-2019
The development of oil&gas industry, introduction and implementation of new E&P technologies, stimulation, workovers &recovery of oil&gas wells will be among upstream focal points of the FIRST DAY of COGC2019 - 23 May. The SECOND DAY of Conference will be devoted to midstream, downstream, and trade in hydrocarbons, to spotlight the nowadays dynamics and robust changes in the Ukrainian oil&gas market. The Ukrainian Gas Market day of 24 May 2019 will become a marketplace venue for natural gas traders and natural gas transmission & distribution companies to meet and discuss prospective deals in the UAH 200 billion natural gas market of Ukraine.