Kulczyk Oil subsidiary to invest UAH 143 mln to develop Ukraine field
21 January 2011
KUB-Gas LLC, 70% owned by Kulczyk Oil (WSE: KOV PW), announced yesterday in a press release that it plans to invest UAH 143 mln in exploration and commercial development of the North Makiyivka field by 2015. KUB-Gas received a five-year exploration license for the field on January 13 from the Ukrainian government. The first wells are to be drilled at the end of 2011- beginning of 2012. KUB-Gas’ production assets consist of 100% interests in five licenses near the city of Luhansk in Eastern Ukraine with a total area under license of 36,315 ha.
