Tpnef - Cub Energy Inc.

Discussion in 'Penny Stocks' started by Jon Alba, Apr 24, 2019.

  1. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    EU To Label Gas to Electricity Plants As "Green"

    https://www.euractiv.com/section/en...green-finance-label-under-certain-conditions/

    EU to offer gas plants a green finance label, under certain conditions

    The European Union plans to label some gas power plants as sustainable investments, after an initial proposal to deny them a green label faced a backlash from a group of 10 EU member states.

    The European Commission’s new proposal, shared with EU countries on Saturday, would class gas-fuelled plants that generate power plus heating or cooling as a green investment if strict conditions on emissions are met and they are operating by 2025.

    The EU’s updated proposal for gas plants is part of its Sustainable Finance Taxonomy, which defines what economic activities can be marketed in Europe as sustainable investments from next year. The full text of the proposal was published online by specialised news site Contexte.

    The Commission declined to comment on the draft proposal. It plans to finalise the sustainable finance rules by April 21.

    The EU’s aim is to steer more capital into environmentally friendly projects to help it deliver on its plan to rapidly slash the greenhouse gas emissions causing climate change.

    But the taxonomy has become mired in disputes between EU countries over how to treat investments in natural gas, forcing the Commission to rewrite its original proposal from November.

    Natural gas, a fossil fuel, produces roughly half the carbon dioxide (CO2) emissions of coal when burned in a power plant and countries such as Poland and Germany plan to use gas to wean themselves off the more polluting fuel.

    However, gas is not emissions-free and there are growing concerns that leaks of potent planet-warming methane from gas infrastructure could cancel out the benefits of switching to gas from coal.

    Strict conditions

    Under the draft plan, gas plants that generate power and also provide heating or cooling can be classed as a green investment if they replace a high-emitting fossil fuel-based facility and result in a cut in greenhouse gas emissions of at least 50% per kilowatt hour (kWh) of energy produced.

    The gas plant must be operating by 2025, have the potential to use low-carbon fuels in future, and emit no more than 270 grams of CO2 equivalent per kWh of energy.

    For plants only producing power, or those that also provide heating or cooling but do not replace a more polluting plant, the Commission stuck to its plan to restrict the green label to plants with life-cycle emissions below 100g of CO2 equivalent per kWh, according to the draft document.

    That means gas power plants operating now would need to add technology to capture their emissions to qualify.

    Sean Kidney, chief executive of the Climate Bonds Initiative, said it was a major win for climate action that the Commission had not weakened this 100g emissions limit.

    “That is a key marker for electricity generation that we need to spread globally,” said Kidney, a member of the EU’s advisory group on the sustainable finance taxonomy.

    James Watson, secretary general of gas industry group Eurogas, declined to comment on the draft proposal but said the 100g limit was a barrier to switching to gas from coal.

    “The taxonomy must leverage all viable technology, including highly efficient gas-fired solutions and renewable and low-carbon gas-ready units,” Watson said.

    The new proposal aims to placate countries split over the finance rules, as it would take a majority of the bloc’s 27 members to veto them.

    A group of 10 EU countries, including Bulgaria and Poland, had urged the Commission to label gas power as green by giving plants a feasible threshold they could meet.

    States including Denmark and Spain, however, have warned Brussels not to weaken its initial plan to deny gas a green label.
     
  2. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    Cub Energy Announces Appointment of Board Member and Power Generation Update

    Houston, Texas – March 23, 2021 – Cub Energy Inc. (“Cub” or the “Company”) a Ukraine-focused power and upstream oil and gas company, announces the appointment of Eugene Chaban as a member of the board of directors effective immediately. Mr. Chaban has been working with the Company in a management position since 2014 and was appointed Chief Financial Officer on February 2, 2021. Mr. Chaban has worked in the energy sector in Ukraine for over 10 years including oil and gas, power generation and energy trading.

    The Company’s two Jenbacher gas power generation engines were successfully tested and installed to the local power grid in February 2021. To commence commercial production, the Company requires government regulatory approval which is still pending and the Company believes will be granted in due course. This should result in the restart of the RK field in western Ukraine.

    About Cub Energy Inc.

    Cub Energy Inc. is a power and upstream oil and gas company, with a proven track record of exploration and production cost efficiency in Ukraine. The Company’s strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of assets within a high pricing environment.

    For further information please contact us or visit our website: www.cubenergyinc.com

    Patrick McGrath
    Interim Chief Executive Officer
    (713) 577-1948
    [email protected]
     
  3. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    $165,000 USD profit for Q4. This is with lower natural gas pricing compared to 2021 and without the RK producing, which is currently awaiting government approval.

    Cub Energy Announces 2020 Results

    http://www.cubenergyinc.com/_resources/news/nr_2021-03-31.pdf

    Houston, Texas – March 31, 2021 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB), a Ukraine-focused upstream oil and gas company, announced today its audited financial and operating results for the year ended December 31, 2020. All dollar amounts are expressed in United States Dollars unless otherwise noted. This update includes results from Kub-Gas LLC (“Kub-Gas”), which Cub has a 35% equity ownership interest, Tysagaz LLC (“Tysagaz”), Cub’s 100% owned subsidiary and CNG LLC (“CNG”), which Cub has a 50% equity ownership interest. Patrick McGrath, Interim CEO of Cub said: “We are pleased to report the two Jenbacher power units arrived on site on the RK field in Q4 2020 and were successfully installed and tested during Q1 2021 and just awaiting final regulatory approval to start selling into the local power grid. While the commercialization has taken longer than expected, we look forward to the commencement of power production. Due to stronger gas trading margins in the fourth quarter of 2020, the Company reported net income of $165,000 during the three months ended December 31, 2020.” Operational Highlights

    • Achieved average natural gas price of $3.79/Mcf and condensate price of $41.07/bbl during the year December 31, 2020 as compared to $5.36/Mcf and $49.51/bbl for 2019. The decrease in gas price is in large part due to the impact of COVID-19. To date in 2021, the Company has seen the price of natural gas in Ukraine rebound to the $5/Mcf-$6/Mcf range.

    • Production averaged 619 boe/d (97% weighted to natural gas and the remaining to condensate) for the year December 31, 2020 as compared to 784 boe/d for 2019.

    • In 2020, the Company has signed a contract for the purchase of two Jenbacher gas power generation engines that should convert the natural gas produced from the RK field into power that can be sold in western Ukraine at local market rates. The two units were manufactured and delivered to the RK Field in the fourth quarter of 2020 to begin installation and commissioning. Each power generation unit will have the capacity to produce as much as 1.5 megawatts (“MW”) of power or 3 MW in total.

    Financial Highlights

    • The gross profit on the Company’s gas trading business increased to $1,523,000 during the year ended December 31, 2020 as compared to $825,000 in gross profit in 2019.

    • The Company reported net income of $165,000 or $0.00 per share during the three months ended December 31, 2020 as compared to a net loss of $11,320,000 or $0.04 per share during 2019. The Company reported a net loss of $2,109,000 or $0.01 per share during the year December 31, 2020 as compared to a net loss of $11,060,000 or $0.04 per share during 2019. Excluding the one-time impairment and provision charges in 2019, the Company would have had net income of $262,000.

    • Netbacks of $8.55/boe or $1.43/Mcfe were achieved for the year December 31, 2020 as compared to netback of $15.88/Boe or $2.65/Mcfe for 2019.

    • The Company has implemented certain cost-cutting initiatives during 2020, including the layoff of eleven team members, salary and director fee reductions, the signing of office leases at lower rent levels and a general decrease in the use of external consultants.
     
  4. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    Cub Energy Inc. Reports Year-End Reserves for 2020

    http://www.cubenergyinc.com/_resources/news/nr_2021-03-31b.pdf

    Houston, Texas – March 31, 2021 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB)
    announces the results of its independent reserves evaluations as of December 31, 2020 on its oil and gas properties in Ukraine. The evaluation was performed on the Company’s 35% working interest in KUB-Gas LLC (“KUB-Gas”) and was conducted by Ryder Scott Petroleum Consultants (“Ryder Scott”), an independent qualified reserves evaluators and auditor (“Reserves Report”).

    The 100% owned RK field, held by the Company’s wholly-owned subsidiary Tysagaz LLC, was not subject to a Reserve Report in 2020 given the Company is awaiting the commencement of commercial production at the power generation project which will utilize the gas at the RK field. The Company expects to re-evaluate the reserve category of the RK field in 2021.

    Patrick McGrath, Interim CEO of Cub said: “The natural gas price assumptions in the 2020 reserve report were approximately 15%-20% lower than the World Bank forecasts for the same period which had a negative impact on the value of the 2020 reserve results. However, to date in 2021, the Company has seen the price of natural gas in Ukraine rebound to the $5/Mcf-$6/Mcf range. In addition, the Company hopes to have its RK field re-evaluated to a reserve category in 2021 upon the material re-start of the RK field.”

    All evaluations were prepared using guidelines outlined in the Canadian Oil and Gas Evaluation
    Handbook ("COGE Handbook") and are in accordance with Canadian Securities Administrators
    National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Cub’sNI 51-101 disclosure for the year ended December 31, 2020 is in its Form 51-101 F1 filed on SEDAR www.sedar.com and posted on the Company’s website at www.cubenergyinc.com
     
  5. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
  6. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    Cub Energy Announces Sale of CNG Interest

    http://www.cubenergyinc.com/_resources/news/nr_2021-04-30.pdf

    Houston, Texas – April 30, 2021 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB), announces it has entered into a share purchase agreement (“SPA”) to sell its 50% interest in CNG Holdings Netherlands B.V. (“CNG”), which in turn owns CNG LLC (Ukraine LLC), the 100% owner of the Uzghorod licence in western Ukraine.

    Cub is to receive consideration of €800,000 (US $970,000) for its 50% interest in CNG. The consideration consists of €600,000 (US $728,000) in cash on closing and €200,000 (US $242,000) is a contingent payment on certain future events including a commercial discovery. The closing is subject to certain conditions including Ukraine regulatory approval.

    The Company expects the closing in approximately one to two months’ time and will use the cash for general working capital. Patrick McGrath, Cub’s Interim Chief Executive Officer, said “Cub decided to divest its interest in CNG as we view it as a non-core asset that will likely be capital intensive in the near future as it is at the exploration stage.”

    About Cub Energy Inc. Cub Energy Inc. (TSX-V: KUB) is a power and upstream oil and gas company. The Company’s strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of producing power and oil and gas assets within a high pricing environment. For further information please contact us or visit our website: www.cubenergyinc.com Patrick McGrath Interim Chief Executive Officer (713) 577-1948 [email protected]
     
  7. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    Cub Energy Announces Commencement of Power Generation

    Houston, Texas – May 17, 2021 – Cub Energy Inc. (“Cub” or the “Company”) (TSX-V: KUB), a Ukraine-focused power and energy company, announces that its 100% owned subsidiary, Tysagaz LLC (“Tysagaz”), has commenced commercial production of its Jenbacher gas power generation units in western Ukraine.

    “Cub is pleased to report it has successfully executed on its power generation plan and has had over ten days of sales into the local power grid” Patrick McGrath, Interim CEO of Cub stated “I would like to thank the Cub team members for their work in bringing the project to fruition and maximizing the value of our RK field. We’ll continue to review additional opportunities in the energy and power sectors.”

    The Jenbacher power units are converting natural gas produced from the RK field into power that is being sold into the local power grid. The Jenbacher units can also utilize gas from the nearby pipeline. The power generation units have the capacity to produce as much as 3 megawatts (“MW”) per hour of power. The local power rates are approximately $73/MW per hour and subject to local market fluctuations. The Company also announces the appointment of Patrick McGrath as Chairman of the Company. Mr. McGrath is currently the Interim CEO and a Director.

    About Cub Energy Inc.

    Cub Energy Inc. (TSX-V: KUB) is a power and upstream oil and gas company. The Company’s strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of producing power and oil and gas assets within a high pricing environment.

    For further information please contact us or visit our website: www.cubenergyinc.com

    Patrick McGrath
    Interim Chief Executive Officer
    (713) 577-1948
    [email protected]
     
  8. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
  9. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    Cub Energy obtains $792K (U.S.) loan from Ukraine bank

    2021-06-01 12:28 MT - News Release


    Mr. Patrick McGrath reports

    CUB ENERGY ANNOUNCES UKRAINE BANK LOAN; PARTIAL REPAYMENT OF PELICOURT LOAN

    Cub Energy Inc.'s 100-per-cent-owned subsidiary, Tysagaz LLC, has entered into a 650,000-euro $792,000 (U.S.)) loan with a Ukraine bank. The Ukraine bank loan will bear interest at 7 per cent, will mature in November, 2023, and is secured by the Jenbacher power generation units and a general guarantee by the company. Proceeds of the loan will be used to make a principal repayment of $750,000 (U.S.) on the Pelicourt Ltd. shareholder loan that bears interest at 10.8 per cent. The remaining balance on the Pelicourt loan is $900,000 (U.S.) following the prepayment.

    "Cub is pleased to establish a banking relationship with a local Ukraine financial institution as it builds out its power generation business," Patrick McGrath, interim chief executive officer of Cub stated. "The loan and concurrent repayment of a similar amount on the Pelicourt loan allows the company to lower its interest rate from 10.8 per cent to 7 per cent and resulting cash savings."

    About Cub Energy Inc.

    Cub Energy is a power and upstream oil and gas company. The company's strategy is to implement western technology and capital, combined with local expertise and ownership, to increase value in its undeveloped land base, creating and further building a portfolio of producing power and oil and gas assets within a high-pricing environment.

    We seek Safe Harbor.
     
  10. Jon Alba

    Jon Alba Senior Investor

    Joined:
    May 2018
    Posts:
    616
    Likes Received:
    3
    From Cub Energy's News Letter This Week:

    Cub Energy welcomes you to view the below video demonstrating Cub's transition in western Ukraine to power generation. The project is located in the Transcarpathian Basin bordering Hungary, Slovakia and Romania. Cub invested in the power generation business to utilize its existing natural gas field and to supply energy to an area that is underserved. The Company continues to explore further opportunities including clean technology initiatives.

    http://www.cubenergyinc.com/media_centre/gallery/

     

Share This Page