KUB-Gas production increases 150% since acquisition by Kulczyk

KUB-Gas LLC, a Ukrainian subsidiary of Kulczyk Oil (WSE: KOV PW, N/R) increased its daily gas output by 150% since acquisition by Kulczyk in June 2010 and 100% more than its average production in 2Q11, the company reported on Friday in a press release. KUB-Gas’ average daily output was 340 ths m3, mostly due to the launch of the Olgovskoye-9 (O-9) well. Testing of Olgovskoye-12 is underway and is expected to be completed this week. In Ukraine, Kulczyk owns an effective 70% interest in KUB-Gas LLC. The assets of KUB-Gas consist of 100% interests in five licenses near the City of Luhansk in northeastern Ukraine. Four of the licenses are gas producing.