Ukraine Donbass Coal Basin

Bulgaria Carpathian Balkan Basin

Georgian Basin

Business Model

  • Focus on lower-cost / lower risk shallow plays (Georgia: 200m - 1,500m; Ukraine: 700m - 2,500m)
  • Low geological risk (well control/historical data)
  • Superior economics (European natural gas pricing and low taxes) compared to North American plays
  • Infrastructure (access to pipelines and local markets)
  • Retain leverage to unconventional/ shale upside through farm-out of deep, expensive wells in Bulgaria
  • First mover advantage in application of proven Western technology and skills in Georgia and Ukraine

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