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NAFTA to become sole holder of the Uzhhorod license in Ukraine

Slovakia’s leader in exploration and production of hydrocarbons NAFTA has entered into a Share Purchase Agreement with US energy company Cub Energy to own 100 per cent of the license for the exploration and production of hydrocarbons around Uzhhorod, in Ukraine.

According to the contract, NAFTA International, a subsidiary of NAFTA has purchased 50 per cent of shares in CNG Holdings Netherlands, thus becoming the sole holder of the Uzhhorod license. The closing is subject to certain conditions including Ukraine regulatory approval.

“We entered the Ukrainian market for the first time thanks to the conclusion of a partnership with Cub Energy and the acquisition of 50 per cent in the Uzhhorod license,” stated Martin Bartošovič, CEO of NAFTA. “During the cooperation, we shared mutual know-how and especially had the opportunity to apply our many years of experience in geology, reservoir engineering and drilling. Acquiring 100 per cent of the license gives us a further opportunity for more flexible development of activities as well as investments in this location.”

The Uzhhorod License, covering 300 square kilometres, is a geological continuation of much- explored areas in eastern Slovakia and is on trend with discoveries in Slovakia.

Photo: NAFTA

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