Kulcyzk Oil halves IPO volume

Kulcyzk Oil Ventures (Canada) halved the volume of shares it is selling in an IPO from 325 mln ordinary shares to 166.4 mln at PLN 1.89 per share, in line with lower bound of the previously disclosed range of PLN 1.89-2.62, according to Interfax. As a result, Kulcyzk is expected to raise USD 99.7 mln from the IPO, vs. USD 265 mln, as previously stated. Kulcyzk said in a release last week that it expects to list the shares on the Warsaw Stock Exchange by end-May. The company said last month it plans to use IPO 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 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 eastern Ukraine.