TSXV:CART.H - Post by User
Comment by
Bobwinson Mar 22, 2017 5:47pm
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Post# 26016865
RE:Cub Energy Inc. Announces Q4 2016 Financial And Operational
RE:Cub Energy Inc. Announces Q4 2016 Financial And Operational Cub lost $308K in Q4 vs making 2.2 million in Q3. The biggest difference was the 1.5 million payment for the 50% interest in the Uzhgorod field in Western Ukraine in Q3.
In the commentary, they say they hope to resume the RK field production but don't give a firm target date. The partner in the Uzhgorod field has started the seismic survey, which they need before selecting any drill sites. They do not mention a target date for drilling the U field.
KUB-Gas is going to drill two wells in 2017 and is close to spudding the first one. No mention of M-23, which was drilled in August 2016, so there doesn't appear to be a near term resolution to that issue.
They continued to market the gas from the KUB-Gas partnership and made $300K during the qtr.
They are still studying whether to jv the new Stanivske license or drill it themselves. No dates were given for a decision.
The netbacks continue to improve but obviously we need new production to get Cub into solid profitability. The RK field should be enough to allow Cub to show a small profit but they need the two KUB-Gas wells to be successful to make good progress on production and generate more investor interest.