Higher administrative court upholds decision to revoke 19 oil and gas production licenses of Golden Derrick
The higher administrative court of Ukraine has upheld a ruling of the court of a lower instance on the deprival of Golden Derrick LLC of 19 permits to extract oil and gas, the press service of the State Geology and Deposits Service of Ukraine has reported.
The ruling was issued on July 8.
"Golden Derrick did not pay for the cost of geological information to the national budget and caused large losses of the state. In addition, infringement of Ukrainian law in the areas of deposit use was established," the press service said.
As reported, Golden Derrick LLC, founded in September 2007 with a charter capital of UAH 33.816 million, operates in the field of geology and geological exploration, as well as is engaged in exploration drilling and production of hydrocarbons. Hartlog Limited (Cyprus) owns 67% of the charter capital of Golden Derrick, state-owned Nadra Ukrainy - 33%.
Media affiliated the company with former minister of Mykola Azarov's government – Eduard Stavytsky.