Kulczyk Oil ups sales 4x in 1H12, aims for AIM by end-2012

Kulczyk Oil Ventures (KOV PW) boosted its average gas and condensate production 3.3x yoy to 14,913 mcf/d in 1H12, the company reported yesterday. Its average gas sale price grew 38% yoy, sending revenues for the period up 4.6x to USD 46.5 mln. Net profit reached USD 3.3 mln in 1H12 vs. a USD 5.2 mln net loss a year earlier. In its 1H12 MD&A, Kulczyk’s management confirmed intentions to raise new equity capital via an additional share placement on AIM by the end of 2012.

Roman Dmytrenko: The company’s results for 1H12 are of little surprise, and so is the company’s plan to do an additional share placement. Both the recent intensification of Kulczyk’s drilling program (see our news of August 9) and its auditor’s emphasis that the company might need additional funds to implement its development program suggest the company is preparing to raise new funds.