On 13 January 2021, Deputy Energy Minister Yuriy Boyko (on behalf of the State of Ukraine) and Partner Dmytro Fedoruk (on behalf of Ukrainian Energy, L.L.C.) signed the 50-year PSA for the Varvynska block, comprising approximately 3,500 km2, in Eastern Ukraine.

Aspect Energy, SigmaBleyzer and potential partners expect to spend at least USD41.5 million during the first four years of the exploration period, subject to the PSA terms. Significantly, Aspect Energy brings new exploration ideas and seismic technology innovation to its exploration programmes. Aspect Energy's discoveries in numerous basins around the world attest to the value of bringing new players to Ukraine.

Amy Flakne, General Counsel at Aspect Energy, said: "Redcliffe Partners' team worked tirelessly to get us there. We are so appreciative of their sage counsel and hard work."

Redcliffe Partners' project team was led by Partner Dmytro Fedoruk and included Associate Ivan Shyika, and Junior Associates Hanna Kovalenko and Vlad Zakon. The project team was assisted by Partner Rob Shantz and Junior Associate Lara Townzen (both of the corporate team), Counsel Oleksandr Markov (of the regulatory team), Partner Sergiy Gryshko and Associate Victoria Ivasechko (both of the dispute resolution team), as well as Partner Anastasia Usova and Senior Associate Denys Medvediev (both of the competition team).

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Aspect Energy is an independent exploration and energy investment company with offices in Houston, Texas, Denver, Colorado, and Budapest, Hungary. Aspect Energy engages in exploration, production, investment, and development activities in North America and Europe.

SigmaBleyzer is a Houston, Texas-based private equity firm and is one of the most experienced investors in Ukraine. Over the past 25 years, SigmaBleyzer has raised and invested approximately USD1 billion in over 100 companies in a variety of industry sectors and has implemented more than 90 exits.