3P International Energy has entered a letter of intent with Gastek and its shareholder Parma to acquire Gastek's indirect 30% interest in KUB-Gas.
KUB-Gas assets include 100% interests in five licences in the Dnieper-Donetsk Basin in Ukraine, a portfolio of service and drilling equipment and four gas distribution plants.
Four of the five licences are producing natural gas.
According to the transaction, 3P International will issue its shares to Gastek, Parma or the shareholders of Parma.
On completion of the transaction, the recipients will hold 60% of the outstanding 3P International shares, which will constitute a reverse takeover of 3P International.
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