Corporate M&A

Cascade Sells its 20% Stake in JKX Oil & Gas

By Isha Makkar
December 07, 2020
a minute read
Ukraine Flag

Cascade Investment Fund, a vehicle controlled by Ukrainian businessman Vitalii Khomutynnik has sold approximately 34.3 million common shares in LSE-listed JKX Oil & Gas Plc to Bridgewater Holdings Corp., representing a ~20% stake in the company. Bridgewater is controlled by Ukrainian businessman Alexander Shnir.

Cascade had originally acquired the stake in JKX from Proxima Capital Group in August 2018. As a result of the sale, Cascade will no longer hold an interest in JKX.

London-based JKX is engaged in exploration, appraisal, and development activities in Russia, Ukraine and Hungary. Total Proved and Probable (2P) Reserves attributable to the company stood at 84.4 million barrels of oil equivalent (MMboe) as of December 31st, 2019, and production during H1-2020 averaged 10,445 barrels of oil equivalent per day (boe/d).

Cascade is focused on investments in the financial markets, agricultural, gas extraction, and real estate sectors in Eastern Europe. The firm also has a separate venture fund division focused on investments in high-growth tech companies in the United States and Europe.

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