Kulczyk Oil decreases net loss by 56% y-o-y in 1H11

Kulczyk Oil Ventures (WSE: KOV PW) decreased its 1H11 net loss by 56% y-o-y to USD 5.2 mln, according to the company’s website. Revenues grew by 8x y-o-y to USD 8 mln, while SG&A expenses remained flat. The company plans to double its gas output in Ukraine in 2011. Since June 2010, Kulczyk Oil has owned 70% of KUB-Gas, whose 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.