Serinus sells its share in "KUB-Gas"

Serinus sells its share in the gas company Cube Serinus Energy (Canada earlier - Kulczyk Oil Ventures Inc) has decided to sell 70% of its rightful gas extracting company "KUB-Gas" (Lugansk, Ukraine). This is stated in the message Serinus Energy on the website of the Warsaw Stock Exchange. "Serinus Energy Management reported that December 23, 2015 the company entered into an agreement with a private company for the sale of 70% of Kub-Gas Holdings Limited", - said in a statement.
The name of the buyer of shares is not specified. It is expected that the sale transaction must be completed by January 31, 2016. The deal is $30 million. Proceeds from the sale will be used to repay the loan of the European Bank for Reconstruction and Development in the amount of 11.28 million dollars. And further development of gas, particularly in Romania. As reported, in 2014 the company Serinus Energy finished with a loss of $23,961 million dollars. Serinus Energy controlled by Kulczyk Holding. The main asset "Kub-Gas" are 4 areas condensate concentrated in the Dnieper-Donets Basin: Olhivske, Makeyevka, Krutohorovskoe and Verhunske field.
December 24, 2015
Ministry of Industry