Cub Energy Inc. (KUB), a Canadian natural gas producer in Ukraine, plans to buy more assets in the country this year as it targets a 60 percent increase in output, the company’s largest shareholder said.
Cub Energy is studying assets in eastern and western Ukraine where it already has wells, said Rob Bensh, managing director of Pelicourt Ltd., which owns 50 percent of the company. It plans to announce one acquisition within 30 days.
Ukraine is urging gas producers to boost output as it seeks to cut dependence on imports from Russia. The eastern European country has agreed to let Royal Dutch Shell Plc (RDSA) develop its shale reserves and may sign a similar deal with Chevron Corp. (CVX ) by May. Cub Energy sells its gas locally at open auctions.
