The Fly | HMMCF

Access to Ukrainian Hydrocarbon Basins: The company had established exploration and production licenses in potentially resource-rich areas of Ukraine, offering geographic focus and access to specific geological formations.

Existing Production and Reserves Base: Cub Energy possessed a portfolio of producing wells and proven and probable reserves, providing a foundation for cash flow and future development opportunities.

Natural Gas Focused Portfolio: Its primary focus on natural gas assets positioned it in a market for a cleaner-burning fossil fuel, which historically could be favored over heavier hydrocarbons in certain energy transition scenarios.

Geopolitical Conflict Impact: The ongoing conflict in Ukraine poses severe threats to personnel safety, physical assets, operational continuity, and the overall business environment, potentially leading to prolonged interruptions or cessation of activities.

Going Concern Uncertainty: As an NEX-listed company, Cub Energy likely has limited or no active operations and insufficient cash flow, raising substantial doubt about its ability to continue as a going concern without securing new business, assets, or significant financing.

Access to Capital Constraints: The high-risk operating jurisdiction and lack of consistent revenue make it extremely challenging for the company to attract necessary equity or debt financing for future exploration, development, or acquisition opportunities.

Existing Production and Reserves Base: Cub Energy possessed a portfolio of producing wells and proven and probable reserves, providing a foundation for cash flow and future development opportunities.