Kulczyk Oil reports upbeat 2011 results

Kulczyk Oil (KOV PW), a Warsaw-listed company with key operations in Ukraine (via a 70% interest in KUB-Gas), reported yesterday it boosted its 2011 revenues from hydrocarbon sales fourfold yoy to USD 35.2 mln (USD 28.3 mln, net of royalties). Production, net to Kulczyk Oil, increased 65% yoy to 1,056 boe/d in 2011. The company enjoyed steady growth in its gas price through 2011, with average 4Q11 prices 38% above 1H11 figures. Last year, the company drilled five wells in Ukraine, brought four of them into production and plans to drill another six wells in 2012.