Vermilion right next to KUB-Future buy out Canadian Vermilion Energy decided to produce gas in Ukraine JSC Ukrgazvydobuvannya, part of the Naftogaz group and Vermilion Ukraine Exploration BV, a subsidiary of the Canadian oil and gas company Vermilion Energy Inc., signed a memorandum of joint participation in tenders for production sharing agreements (PSAs). GWG and Vermilion submitted to the Interdepartmental Commission on organizing the conclusion and implementation of production sharing agreements of the Ministry of Energy and Coal Industry of Ukraine joint applications for participation in 4 competitions for signing PSA agreements, namely, on Balakleyskaya, Ivanovo, Zinkivska and Sophia areas. In the event of winning the competition for a particular plot and successful negotiations with the Government of Ukraine, the GWL and Vermilion undertake to make investments and distribute the income received in the proportion of 50/50. In case of winning the competition and signing the PSA, Vermilion will act as the operator of the work at the stage of geological study of the site. Ukrgazvydobuvannya will have the preemptive right to provide its equipment, services and perform work for Vermilion, in particular drilling rigs and other services, subject to their procurement at the exploration stage, compliance with industry standards and competitiveness of supply. Participants undertake significant commitments to attract and develop a national working resource. So, at the exploration stage, at least 50% of Ukrainian personnel will be involved in the work, at least 75% at the design stage. This is the first large oil and gas company since the times of Shell, which decided to invest in Ukraine to produce natural gas. Cooperation under the PSA of the largest state-owned gas company in Ukraine and Eastern Europe, Ukrgazvydobuvannya, with the world's leading oil and gas company Vermilion Energy, which owns the latest technologies, can give the necessary impetus to achieve Ukraines gas independence. The Dnieper-Donets Basin is a first-class gas-bearing basin, which will receive extraordinary benefits from the new stage of exploration and development technologies. In the event that our applications are recognized as the best, we expect the development of these sites in cooperation with Vermilion according to the highest standards of sustainable eco-friendly, social development and management ,