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news- Cub announces spudding of first of three wells

[loubastone]

Cub Energy Announces Spudding of First of Three Wells in Western Ukraine

    

HOUSTON, TX / ACCESSWIRE / September 16, 2019 / Cub Energy Inc. (“Cub” or the “Company”) (TSXV:KUB), a Ukraine-focused upstream oil and gas company, announced today that CNG LLC (“CNG”), Cub’s 50%-owned subsidiary which owns and operates the western Ukraine Uzhgorod licence, has commenced drilling of the Uzhgorod-101 (“U-101”) well. This is the first well in a three-well drill program for which all costs will be borne 100% by our partner, NAFTA International B.V. (“NAFTA”). The average planned depth of the wells is in range from 1,500 to 1,900 metres to evaluate several prospective horizons identified by 3D seismic.

Mikhail Afendikov, Chairman and CEO of Cub said: “The spudding of the U-101 well is a major milestone for Cub. This is a cumulative effort between Cub and NAFTA as we performed 3D seismic, generated an inventory of prospects and are now executing with the drilling of our first exploratory well. These wells all qualify for the reduced 12% royalty.”

The Uzhgorod licence encompasses approximately 75,000 gross acres. The licence adjoins Cub’s 100%-owned producing RK field and is near the producing Ptruksa field located on the Slovakian side of the border.

[MiningMasterAu]

3 free wells basically, with more to come once those are in production. Pretty sure the JV will hit, they spent 3 years prepping these. Then keep in mind that we got that new East well to drill. So undervalued right now, it's ridiculous.

[mlb11]

What is your thoughts on current value? How much undervalued are we at your calculations?

[MiningMasterAu]

KUB is worth 12-13 cents right now just based on earnings over the last 6 quarters. But if you add in the 3 JV wells(free to KUB), 1 East well, all those recompletions on the back burner, the NRU unit, we should be trading at least at 20-25 cents. I wish I had more cash to buy stock now, but all my stocks are sleeping. We are hovering just under a 5 year high and so many old shareholders want out,

[cr7epl]

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[Puffertime]

When I found out about KUB they had a 40 cents target price, but the protests, that became a war, were just starting. The actual price should be according to their measured gas reserve rather than earnings, but everything can fly if they hit a new zone with those 3 wells.