Kulczyk achieves 17.7 MMcf/d net gas output in first half of November

KUB-Gaz, a 70%-owned Ukrainian subsidiary of Kulczyk Oil (KOV PW), tied in a new M-20 well for commercial production at 6.2 MMcf/d (4.4 MMcf/d net to Kulczyk), boosting gross natural gas output to 22.3 MMcf/d (17.7 MMcf/d net to Kulczyk), Kulczyk reported Nov. 12. The achieved gas flow rate is 13% higher than Kulczyk’s net production of 15.6MMcf/d in 3Q12.

Roman Dmytrenko: The commercial production rate of the company’s new M-20 well turned out to be 17% higher compared to its test rate achieved in September, which is a positive surprise for us. With the updated production data, we expect Kulczyk to report a 2.6x yoy increase in net gas production to 15.5 MMcf/d for 2012. The company is expected to report its 3Q12 financials today.