Nafta International B.V. entered into a share purchase agreement to acquire a 50% stake in CNG Holding Netherlands B.V. from Cub Energy Inc. (TSXV:KUB) for €0.8 million on April 30, 2021. The consideration consists of €0.6 million in cash on closing and €0.2 million is a contingent payment on certain future events including a commercial discovery. The closing is subject to certain conditions including Ukraine regulatory approval. The transaction is expected to complete in approximately one to two months’ time. As of August 25, 2021, the transaction is expected to close in the fourth quarter of 2021. Cub Energy Inc. will use the cash proceeds for general working capital. Atanas Bangachev of CMS von Erlach Poncet acted as legal advisor to Nafta International in the transaction. Nafta International B.V. completed the acquisition of 50% stake in CNG Holding Netherlands B.V. from Cub Energy Inc. (TSXV:KUB) on December 21, 2021.