ANGLO-UKR-ENERGY JOINS U.S.-UKRAINE BUSINESS COUNCIL (USUBC)
Privately held oil & gas exploration company with 100% focus on Ukrainian energy sector
U.S.-Ukraine Business Council (USUBC)
Washington, D.C., Thursday, September 23, 2010
WASHINGTON, D.C. - Anglo-Ukr-Energy (AUE), a privately held oil and gas exploration company with a 100% focus on the Ukrainian energy sector, has been approved for membership in the U.S.-Ukraine Business Council (USUBC), the USUBC executive committee announced today on behalf of the entire USUBC membership of over 130 companies and organizations who have business operations, investments or other development programs in Ukraine.
Anglo-Ukr-Energy (AUE) was founded in 2008 and is a wholly-owned Ukrainian subsidiary of A.U. Energy AG holding company. AUE has offices in Kyiv and Simferopol. The holding company is majority-owned by U.S. investors: Third Millennium Russia Fund (SEC approved mutual Fund) and three U.S. citizens. Other shareholders include TowerGate Capital of United Kingdom (FSA Registered Fund) and one Italian investor.
SOUTHERN REGION OF UKRAINE
Anglo-Ukr-Energy (AUE) is currently pursuing E&P targets in Crimea, the southern region of Ukraine. Decades of exploration had previously found sizeable pockets of oil at shallow depths in the region. Subsequent lack of capital expenditures, politics and neglect precluded commercial production of these fields until now.
Most fields are too small for the major oil companies (less than 100 million barrels of recoverable reserves), but are quite profitable for a small exploration and production company such as AUE.
AUE controls three fields via joint venture agreements with a Ukrainian government entity. They have deliberately avoided contentious and controversial licenses. AUE completed its first well in September 2009 and second in January 2010; both are commercially successful. A third well is currently being completed. Additional wells will be drilled. AUE has rights to develop three fields in Crimea and applications for two additional.
AUE takes an active role in business and social community life in Ukraine. The company is an active member of the American Chamber of Commerce in Kyiv since 2008, the now is active in the U.S.-Ukraine Business Council (USUBC). AUE sponsors an orphanage in Simferopol (Crimea) as well as the Ukraine Little League World Series.
PATRICK KEALY, GENERAL DIRECTOR
"I have been in contact with Patrick Kealy, the general director and CEO of AUE, now for several months. We both attended the annual Ukraine Investment Summit conference inLondon in May" said Morgan Williams, Director, Government Affairs, Washington Office, for the SigmaBleyzer Private Equity Investment Management Group, who serves as President of the U.S.-Ukraine Business Council (USUBC).
"Gennady Matyukhin is the director and CFO of AUE, and Michael Kravchenko is the director and COO. USUBC is most pleased to have the opportunity to work with the AUE team. Patrick Kealy will represent AUE on the USUBC board of directors," Williams stated.
USUBC ENERGY WORKING GROUP
The USUBC Energy Working Group is composed of: AES Corporation; Anglo-Ukr-Energy (AUE); Chevron; ContourGlobal Ukraine; ExxonMobil; Halliburton; Holtec International; Shell Oil Company; TNK-PB Commerce LLC; United Coal Company/System Capital Management (SCM); Vanco Exploration Company; and Westinghouse.
USUBC MEMBERSHIP NOW OVER 135 AND STILL GROWING
Over one-hundred thirty-five members in September 2010, membership in December of 2004 was eight, membership in January of 2007 was twenty-two.
The complete list of USUBC members can be found at: http://www.usubc.org/members.php.