Advance Energy Ltd (AVD) is pleased to announce that it has executed a binding Term Sheet to acquire 100% of Celiastad Pty Ltd. Celiastad has the rights to acquire 100% of Epic Energy Ukraine Ltd, a company incorporated in Ukraine, which has executed a Joint Activity Agreement (JAA) with ZakhidUkrGeologiya (ZUG), the holder of a 19 km2 subsoil license over the Ortynytksa natural gas project (License).
ZUG is a subsidiary of Ukrainian National Joint Stock Company Nadra Ukrainy which was established in 2000 by Presidential Decree to “improve minerals supply for country’s needs, to reserve and increase geological enterprises’ potential”. The Prospect is located in the North Carpathian Basin which stretches in an arc from Ukraine through southern Poland and Slovakia through to the Czech Republic and Austria.
Tags: acquisition, Advance Energy, AVD, Natural Gas, Ukraine
