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.
About the Author
Alan Petzet
Chief Editor Exploration
Alan Petzet is Chief Editor-Exploration of Oil & Gas Journal in Houston. He is editor of the Weekly E&D Newsletter, emailed to OGJ subscribers, and a regular contributor to the OGJ Online subscriber website.
Petzet joined OGJ in 1981 after 13 years in the Tulsa World business-oil department. He was named OGJ Exploration Editor in 1990. A native of Tulsa, he has a BA in journalism from the University of Tulsa.