KIEV, Aug. 16 - Naftogaz Ukrayiny, the national oil and gas company, and CBM Oil plc, a U.K.-based oil company, seek to cooperate in exploration and production of oil and gas off-shore the Black Sea.

Michael Burchell, the chairman of CBM, and Yevhen Bakulin, the head of Naftogaz Ukrayiny, signed the letter of intent, according to a statement from Naftogaz on Thursday.