Today VET announced results and also put out a company presentation. Information regarding their Ukraine purchase was unknown until now. But if you compare the presentation information and maps below, you can see that Vermilion is very close to Cub Energy. So keeping an eye on both companies for drill results. In truth, it almost makes more sense for VET to acquire KUB since VET shares the same JV in Slovakia(NAFTA) and have similar mineral leases.
Awarded two exploration licenses totaling approximately 500,000 gross acres in Ukraine, in a 50/50 partnership with Ukrgazvydobuvannya ("UGV“), a Ukrainian state owned gas producer
Partnership includes access to technical data, local drilling fleet, and key infrastructure
Licenses located in one of Europe’s most prolific natural gas basins, the Dnieper-Donets Basin
Adjacent to several existing multi-TCF gas fields
Limited application of modern exploration and exploitation technology
Production sharing agreement has attractive fiscal regime with gas market priced on European imports at Ukrainian hub (TTF premium)
Modest back-end capital commitment over a 5-year period
Compared To KUB:
Transcarpathian Sedimentary Basin (West)
3 licenses 100% and 50% owned by Cub
108,000 gross acres (70,500 net)
Dnieper-Donets Sedimentary Basin (East)
6 licenses 35% owned by Cub
203,000 gross acres (71,000 net acres)