14:47 01.02.2016

Burisma acquiring 70% in KUB-Gas for $30 mln

1 min read
Burisma acquiring 70% in KUB-Gas for $30 mln

Burisma Holdings is acquiring 70% of shares in KUB-Gas LLC from Serinus Energy, the press service of Burisma has reported.

"Resano Trading LLC, Burisma’s affiliate, has already signed an agreement and is in the process of closing a deal with Canadian public company Serinus Energy Inc. on the acquisition of 70% of KUB-Gas LLC," the company said.

According to information posted on the website of Serinus, the company will receive total cash consideration of $30 million plus working capital and inter-company adjustments.

Cub Energy Inc. (U.S., holds 30% in KUB-Gas LLC) decided not to use its priority right to buy shares, Serinus said.

The deal could be finalized by February 8.

As reported, KUB-Gas is developing the Olhivske, Makiyivske, Pivnichno-Makiyivske, Verhunske and Krutohorivske gas fields in Luhansk region.

Burisma Holdings owns Ukraine's Esko-Pivnich, Pari, First Ukrainian Oil and Gas Company and Naftogaz Garant.

Burisma has permits to develop fields in Dnipro-Donets, Carpathian and Azov-Kuban basins.

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