Gas production company Horyzonty has become the owner of Ukrainian Independent Geological Company LLC (UNGC), a company holding a special permit for oil and gas production at the Pivdenno-Zaluzhanske field in the Lviv region. The change of control over the asset was reported by industry and business media, while the concentration was previously officially approved by the Antimonopoly Committee of Ukraine.
According to the AMCU decision dated December 11, 2025, Horyzonty LLC received approval to acquire control over UNGC through the purchase of a stake in its charter capital that ensures more than 50% of the votes in the company’s highest governing body. This means the deal has not only a corporate, but also a regulatorily confirmed status.
The investment appeal of the asset lies primarily in the subsoil permit itself. UNGC has held the special permit for the Pivdenno-Zaluzhanska area since 2015, and the license remains valid until 2035. The field is located within the Drohobych and Sambir districts of the Lviv region and belongs to the Pre-Carpathian oil and gas-bearing province. Natural gas is the main mineral resource, making the asset a logical addition to the portfolio of a private gas production investor.
For the Horyzonty group, the transaction appears to be another step in its strategy of consolidating oil and gas assets in Western Ukraine. The company already operates with a number of special permits in the Lviv region, and in December 2025 structures linked to Zinoviy Kozytskyi and Karel Komarek also acquired the special permit for the Ostrivska area for UAH 555.01 million, or 5.5 times the auction’s starting price. This indicates the group’s willingness to commit significant capital to expanding its resource base.
In addition, in 2024–2025, Horyzonty strengthened its control over the Tynivske gas condensate field by acquiring the subsoil-use company operating the asset. As a result, the current UNGC transaction appears not as a standalone deal, but as part of a consistent M&A strategy aimed at building a broader licensing and production portfolio.
According to open registries, Horyzonty LLC is registered in Lviv, and its core business activity is natural gas extraction. Public industry sources identify the company’s ultimate beneficial owners as Karel Komarek (80%) and Zinoviy Kozytskyi (20%).
At the same time, the acquired asset does not appear financially strong in the short term. According to media reports citing the company’s 2025 financial statements, UNGC posted a loss of UAH 518,000, had UAH 20.43 million in assets, and UAH 15.29 million in liabilities. Accordingly, the key value of the transaction likely lies not in the company’s current financial performance, but in control over the special permit and the development potential of the gas resource. This is typical investment logic for the upstream segment, where value is often shaped by the license itself, geological potential, and synergies with adjacent areas.
For the Ukrainian investment market, the deal is another signal that even in wartime conditions, private capital continues to accumulate energy assets, particularly in the natural gas segment. Against the backdrop of growing interest in domestic production, energy security, and import substitution, Western Ukraine is gradually becoming one of the key regions for such investments. This assessment is an inference based on the group’s series of transactions in 2024–2025.
