|By Marketwired .||
|January 7, 2013 06:44 AM EST||
CALGARY, ALBERTA -- (Marketwire) -- 01/07/13 -- Kulczyk Oil Ventures Inc. (WARSAW:KOV) ("Kulczyk Oil", "KOV" or the "Company"), an international upstream oil and gas exploration and production company, is pleased to announce 2012 exit rate net production of 17.7 million cubic feet per day ("MMcf/d") and 203 barrel of natural gas liquids ("NGL") per day or 3,154 barrels of oil equivalent per day ("boe/d"). All of the Company's production comes from its assets in Ukraine operated by KUB-Gas LLC ("KUB-Gas"), a partially-owned subsidiary in which KOV has a 70% effective ownership interest. The 2013 budget and work program for the KUB-Gas assets have been agreed by all shareholders of KUB-Gas.
2012 Highlights - Ukraine
-- Exit rate net production of 17.7 MMcf/d and 203 barrels of NGL per day (3,154 boe/d); -- Exit 2012 production was 102% higher, on a boe basis, than exit 2011 production; -- Took delivery of new snubbing unit, trained personnel and performed two dual completions; -- Acquired 225 square kilometres of new 3D seismic in North Makeevskoye area; and -- Six wells were drilled or drilling during the year. Five are cased to total depth ("TD") while one was drilling as of the end of the year.
Highlights of 2013 Work Program & Budget
-- Approved $54.8 million budget for KUB-Gas (KOV 70% is $38.4 million); -- Planning to drill a total of up to 8 wells (six are firm and two are contingent) including the one that is currently drilling at NM-2; -- Dual completions on up to five wells in the first half of the year with additional dual completions possible toward the end of 2013; -- Frac programs involving five wells with work to be done mostly in the third quarter of 2013; and -- Construction of additional facilities for Makeevskoye wells to more effectively handle the increasing production volumes and construction of an estimated twenty five kilometres of new pipeline.
The owners of KUB-Gas approved the work program and agreed that the 2013 KUB-Gas budget of $54.8 million would be entirely funded by KUB-Gas cash flow. The contingent wells would be part of an acceleration of the 2013 program using a third party drilling rig and the six firm wells will utilize the KUB-Gas owned K-200 rig.
The 2013 work program will focus on major development activities at the Makeevskoye, Olgovskoye and North Makeevskoye licence areas, including growth of production and reserves through drilling of the new wells, recompletion or work-over of existing wells and implementation of new technologies, such as multi-zone completions and hydraulic fracture stimulations.
Tim Elliott, President and Chief Executive Officer stated that:
"Our 2013 goals are designed to deliver continuous growth in both production and reserves through an ambitious work program which includes drilling of up to eight new wells and implementation of new technologies to further increase production through dual completions and fracture stimulations. Our success in the last two years has resulted in a strong cash position and proven the technical and operating expertise of our team. We believe that there remains significant development and exploration upside within our existing licence areas which will be realized through the continued application of new technologies and work practices."
About Kulczyk Oil
Kulczyk Oil is an international upstream oil and gas exploration and production company with a diversified portfolio of projects in Ukraine, Brunei and Syria and with a risk profile ranging from exploration in Brunei and Syria to production and development in Ukraine. The common shares of the Company trade on the Warsaw Stock Exchange under trading symbol "KOV".
In Ukraine, KOV owns an effective 70% interest in KUB-Gas LLC. The assets of KUB-Gas consist of 100% interests in five licences near to the City of Lugansk in the northeast part of Ukraine. Four of the licences are gas producing.
In Brunei, KOV owns a 90% working interest in a production sharing agreement which gives the Company the right to explore for and produce oil and natural gas from Block L, a 1,123 square kilometre area covering onshore and offshore areas in northern Brunei.
In Syria, KOV holds a participating interest of 50% in the Syria Block 9 production sharing contract which provides the right to explore for and, upon the satisfaction of certain conditions, to produce oil and gas from Block 9, a 10,032 square kilometre area in northwest Syria. The Company has an agreement to assign a 5% ownership interest to a third party which is subject to the approval of Syrian authorities, and which, if approved, would leave the Company with a remaining effective interest of 45% in Syria Block 9.KOV declared force majeure, with respect to its operations in Syria, in July 2012.
The main shareholder of the Company is Kulczyk Investments S.A., an international investment house founded by Polish businessman Dr. Jan Kulczyk.
Translation: This news release has been translated into Polish from the English original.
Forward-looking Statements: This release may contain forward-looking statements made as of the date of this announcement with respect to future activities of KUB-Gas and related to its five licence areas in Ukraine and to certain wells drilled or seismic activities undertaken within those licence areas that either are not or may not be historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable as of the date hereof, any potential results suggested by such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors that could impair or prevent the Company from completing the expected activities on its projects include the Company's projects experience technical and mechanical problems, there are changes in product prices, failure to obtain regulatory approvals, the state of the national or international monetary, oil and gas, financial, political and economic markets in the jurisdictions where the Company operates and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties and actual results may vary materially from those expressed in the forward-looking statement. The Company undertakes no obligation to revise or update any forward-looking statements in this announcement to reflect events or circumstances after the date of this announcement, unless required by law.
Canada Suite 1170, 700-4th Avenue S.W., Calgary, Alberta, Canada Telephone: +1-403-264-8877 Dubai Al Shafar Investment Building, Suite 123, Shaikh Zayed Road, Box 37174, Dubai, United Arab Emirates Telephone: +971-4-339-5212 Poland Nowogrodzka 18/29 00-511 Warsaw, Poland Telephone: +48 (22) 414 21 00
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