Cub finds trace natural gas in first Uzhgorod well

2019-10-21 14:28 MT - News Release

Mr. Mikhail Afendikov reports

CUB ENERGY ANNOUNCES UPDATE ON DRILLING OF WELLS IN WESTERN UKRAINE

Cub Energy Inc. has released results of the drilling of the first well in the Uzhgorod drilling program. The Uzhgorod-101 well showed that the prospective reservoir sands were water saturated with traces of natural gas that indicate there was gas migration, but no viable trapping mechanism in this particular prospect.

CNG LLC, Cub's 50-per-cent-owned subsidiary, which owns and operates the western Ukraine Uzhgorod licence, obtained valuable subsurface geological and petrophysical data from the U-101 well that will be used to refine the seismic mapping and geo-modelling prior to drilling additional wells on the licence. This upcoming study may result in revising the drilling priorities for the identified prospect inventory. CNG has released the drilling rig while these new data are being analyzed.

The Uzhgorod licence encompasses approximately 75,000 gross acres. The licence adjoins Cub's 100-per-cent-owned producing RK field and is near the producing Ptruksa field located on the Slovakian side of the border. The U-101 well was the first well in a planned three-well drill program for which all costs will be borne 100 per cent by Cub's partner.

About Cub Energy Inc.

Cub Energy is an upstream oil and gas company, with a proven record of exploration and production cost efficiency in Ukraine. The company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of producing oil and gas assets within a high-pricing environment.

We seek Safe Harbor.

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