Kulczyk Oil to acquire 70% stake in KUB-Gas

Canada’s Kulcyzk Oil announced yesterday that via its subsidiaries Kulcyzk Oil Ventures and Loon Ukraine Holdings it agreed with Gastek to acquire a 70% indirect equity interest in KUB-Gas via Loon Ukraine. Completion of the deal is contingent upon approval by Ukraine’s Anti-Monopoly Committee and the closing of Kulcyzk Oil’s planned IPO on the Warsaw Stock Exchange. Kulcyzk Oil Ventures is to pay Gastek a USD 1.35 mln deposit after the acquisition agreements are signed and USD 45 mln after the deal conditions have been satisfied. KUB-Gas’s principal assets include a 100% interest in 4 gas fields in the Dnipro-Donets basin in Eastern Ukraine.