3P International Energy Corp., Toronto, signed a letter of intent with Gastek LLC and Gastek’s sole shareholder Parma Ltd. to acquire Gastek’s indirect 30% interest in KUB-Gas LLC.
KUB-Gas assets consist of 100% interests in one production license and four exploration licenses near Lugansk in northeastern Ukraine in the Dnieper-Donets basin. KUB-Gas also owns one drilling rig, three workover rigs, four gas processing plants, and other equipment.
The licenses cover Vergunskoye, Makeevskoye, Krutogorovskoye, Olgovskoye, and North Makeevskoye gas and gas-condensate fields. Three of the exploration licenses are expected to be converted within 5 months to 20-year production licenses, which allow production at unrestricted rates.
The work program for 2011-12 mainly targets a continuation of exploitation of Olgovskoye and Makeevskoye fields.