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.

ExPro Reference:

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.