By KYIV. Dec 5 (Interfax-Ukraine) – The Asset Recovery and Management Agency (ARMA) will not initiate the termination of the management agreement with PJSC Ukrnafta for the seized assets of PrJSC Ukrnaftoburinnia in connection with the decision of the Sixth Administrative Court of Appeal, as a result of which the special license for the Sakhalinske field was revoked.
“The management agreement with Ukrnafta does not contain provisions that would interpret the cancellation of a special subsoil use license as a sufficient reason to terminate the management agreement,” says a statement on the ARMA website.
ARMA does not intend to look for a new asset manager until the current manager has exhausted the legal options for resolving the current situation.
“Only if the Supreme Court decides on the final loss of the special license, the management agreement can be terminated early,” the agency clarified.
ARMA notes that in the second half of 2023, the manager of Ukrnaftoburinnia demonstrated good performance results: in the first half of the year: the company received UAH 700 million in profit, launched new wells and announced plans to triple profits.
As reported, on November 28, 2023, the Sixth Administrative Court of Appeal canceled the order of the State Service of Geology and Mineral Resources and canceled license No. 6349 dated July 10, 2019, in accordance with which Ukrnaftoburinnia carried out production at the field. The company stopped operation of the field on December 1.
