Kulczyk Oil to start Brunei drilling in early April

Kulczyk Oil Ventures (KOV PW) signed a contract with PT Energi Tata Persada to launch the second phase of its Brunei Block L drilling campaign, Kulczyk announced on Feb. 13. The first 2,900-meter exploration well to evaluate the Lukut Updip prospect will be spud in early April, followed by a planned 3,500-meter well to explore the Luba prospect. The company said it signed all the major contracts for services and operational staff to execute the drilling program. Overall, Kulczyk expects to invest USD 20 mln in its Brunei operations in 2013.

Roman Dmytrenko: The drilling, if successful, would unlock significant value for Kulczyk’s shareholders by boosting reserves. According to the company’s most recent update, its net 2P reserves after royalties stood at 5.6 MMboe. RPS Energy Consultants, an independent engineering firm, reported a best estimate of 30 MMboe for unrisked prospective resources at Lukut Updip and 36 MMboe for Luba.