Kulczyk Oil Ventures, an international upstream oil and gas exploration and production company, announces the contingent conversion of a loan by its major shareholder Kulczyk Invesments. KOV had entered into an agreement with KI for the provision of up to $12.0 million in funding to the Corporation to fund the Corporation's ongoing working capital requirements (the "KI Loan") on June 22, 2012, Under the terms of the KI [...]
Kulczyk Oil is pleased to announce that it has entered into an agreement with Winstar Resources pursuant to which KOV will acquire all of the issued and outstanding shares of Winstar. The combination of Warsaw-listed KOV with Winstar will have 4,760 barrels of oil equivalent per day(1) ("boe/d") of production in Tunisia and Ukraine and an attractive exploration portfolio in Brunei and Romania.
Kulczyk Oil is pleased to announce that the ETP-03 drilling rig is currently being rigged up at the Lukut Updip-1 well-site in preparation for the commencement of the Brunei Block L Phase 2 drilling campaign. The spud date of LKU-1 is now anticipated to be mid-May 2013. Block L is operated by AED Southeast Asia, an indirect wholly-owned subsidiary of KOV.
Kulczyk Oil is very pleased to announce a new pool gas discovery on the Makeevskoye Licence in Ukraine. The Makeevskoye-16 exploration well has tested gas from the S5 zone at more than 4.3 million cubic feet per day. M-16 is the deepest well drilled by the Company in Ukraine and this is the first time the Company has tested gas at commercial rates from a reservoir of Serpukhovian age, opening up new opportunities for [...]
Kulczyk Oil an international upstream oil and gas exploration and production company, is pleased to announce that its subsidiary, KUB-Gas LLC, in which KOV has a 70% effective ownership interest, has paid a total dividend in the amount of USD 10 million, out of which KOV has received USD 7 million.
Kulczyk Oil is pleased to report that its financial and operating results for the year ended 31 December 2012 show substantial growth when compared to the prior year. All of the Company's production is in Ukraine. All of the dollar amounts below are in US dollars.
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