Kulczyk Oil to raise USD 265 mln via Warsaw listing in May

Canada’s Kulczyk Oil Ventures announced yesterday that it plans to raise USD 265 mln via a listing on the Warsaw Stock Exchange in May. The company plans to use the proceeds over a 24-month period to fund the acquisition of gas production assets in Ukraine and further develop its Ukrainian asset portfolio, the appraisal and exploration of assets in Brunei and Syria, and new project development. Kulcyzk Oil announced in November 2009 that via its subsidiaries Kulcyzk Oil Ventures and Loon Ukraine Holdings it agreed with Gastek to acquire a 70% indirect equity interest in KUB-Gas. The gas production assets of KUB-Gas consist of 100% interests in four licenses near the city of Luhansk in northeastern Ukraine.