Eni Signs Share Purchase Agreement with Nadra Ukrayny
OREANDA-NEWS. June 19, 2012. Eni signed a Share Purchase Agreement with Ukrainian state-owned National Joint Stock Company Nak Nadra Ukrayny and Cadogan Petroleum Plc to acquire a 50,01% interest and operatorship of the Ukrainian company LLC WESTGASINVEST.
LLC WESTGASINVEST currently holds subsoil rights to nine unconventional (shale) gas license areas in the Lviv Basin of Ukraine, totalling approximately 3,800 square kilometres of acreage.
This Agreement was developed within the frameworks of the Memorandum of Understanding between Eni and Nadra Ukrayny, and the Cooperation Agreement with Cadogan Petroleum, both signed in 2011.
Eni has been present in
This transaction, which strengthens the company's presence in Ukaraine, represents a major step forward for the development of Eni's global unconventional portfolio. It will allow Eni to establish the foundation from which to build a robust future in that country.
Eni made its entry in the European unconventional gas landscape in 2010 through the acquisition of 3 licenses in the