“Burisma Holdings will continue to work openly and consistently to attain new heights”, noted an independent director at Burisma Devon Archer after signing an agreement on the purchase of shares in the Ukrainian gas company KUB-Gas by Resano Trading LLC, Burisma’a affiliate.
“The purchase of shares from Serinus Energy, a public company with dual listing in Warsaw and Toronto, speaks for the quality and transparency of our work. Burisma is one of the few oil & gas producers in the country to implement and use best practices of corporate governance, whilst remaining open to investors and society. We are glad to start our cooperation with Cub Energy, a Canadian public company that shares our values and principles. We believe that this deal is a recognition of our business practices that fully comply with international stock exchange standards, and we will continue to work publicly and consistently to attain new heights”, said Devon Archer, an independent director at Burisma Holdings.
On February 1, a Canadian public company Serinus Energy Inc. announced the signing of an agreement for the sale of 70% stake in the Ukrainian company KUB-Gas and is in the process of closing. According to the company’s stock exchange release, the buyer is Resano Trading LLC, an affiliate of Burisma.
KUB-Gas Ltd is a Ukrainian company with 5 production licenses and one exploration license in eastern Ukraine. Previously, it was reported that the company was forced to reduce staff by a third. Due to the lack of investment in Q3 of 2015, KUB-Gas managed to get only 229.5 million cubic meters. The company reduced production of hydrocarbons by 38% compared to the same period in 2014 and by 5% compared with Q2 of 2015.