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Kulczyk Oil Ventures (KOV) announces that its subsidiary - KUB-Gas LLC was awarded another exploration license in Ukraine. Recall that since June KOV owns 70 percent. KUB-Gas shares.
Exploration Licence Makiejewskoje adjacent to the North, owned by KUB-Gas, areas covered by concessions and Olgowskoje Makiejewskoje, located near the city of Luhansk in eastern Ukraine. As in the case of concessions and Olgowskoje Makiejewskoje, which are located along the stretches in the pool dnieprowsko-Donetsk in a south-easterly structural trend of gas / condensate, 19,050 hectares (47,073 acres) under concession is prospective North Makiejewskoje for gas production from many zones within the muskowitowych and baszkirskich sedimentary section.
The granting of the concession company KUB-Gas increases its holdings to 5, and the total area under concession increases by over 110 percent., to 36,315 hectares (89,736 acres).
" We are very pleased to get this new license, which is located so close to the hole M-19 , "says Mikhail Afendikov, Managing Director of the company Gastek LLC, which owns 30 percent. KUB stake in Paver tracked.
" Our experience in KUB Paver tracked and cooperation with partners from Gasteku are very positive. We will continue a very active program in Ukraine, which aims to increase gas production within their concessions , "- says Tim Elliott, president and CEO of Oil Ventures.
The Exploration Licence was granted to North Makiejewskoje a period of 5 years from the date of issue, ie: 29 December 2010, the North Makejewskoje area is located 4 km to the east of hole M-19, where in December 2010, tests were carried out using gas 10 mm orifice and flow around 5 million standard cubic feet per day (MMscf / d).
KOV and his partner in a joint venture project KUB-Gas integrate all available data from the subsurface of North Makiejewskoje for model exploration, as has been done to good effect in the case of concessions and Olgowskoje Makiejewskoje. In mid 2011, the area covered by the new concession will be carried out 2D seismic survey. The first wells are expected in late 2011 or early 2012 depending on the results of seismic research program.
Oil Assets
Oil is an international company engaged in exploration for oil and gas. It has a diversified portfolio of projects in Brunei, Syria and Ukraine, and the risk profile covering the activities of exploration in Brunei, Syria and extraction activities in Ukraine.
In Brunei KOV has shares in a mining usufruct granted to him under the two agreements on the distribution of revenues from mining, authorizing the exploration and production of oil and natural gas from Block L and M. KOV bloc holds 40 percent. participation in Block L, covering an area of land and sea with an area of 2 220 km2 (550,000 acres) in the north of Brunei and 36 percent. participation in the Block M, covering an area of land with an area of 3,011 km2 (744,000 acres) in southern Brunei.
In Ukraine, the KOV has 70 percent. participation in the KUB-Gas LLC. KUB-Gas Assets include a 100-percent interest in four concessions located near Lugansk, a city in north-eastern part of Ukraine.
In Syria KOV has, in accordance with the agreement on the distribution of revenues from mining, 100 percent share in Block 9 authorizing the exploration and mining, subject to certain conditions, oil and gas reserves in the Block 9 area of 10,032 km2, located in the north-west Syria . The company has signed an agreement under which prescribes a total of 55 percent. shares to third parties, subject to approval by the Syrian authorities. In the event such consent KOV direct participation in Block 9 is changed to 45 percent.
A leading shareholder, Kulczyk Investments SA, increased its commitment to the KOV through participation in the company's IPO on the Stock Exchange in May 2010 and the conversion of a bond and has nearly 50 percent of the share capital of the company. Kulczyk Investments SA is an international investment house, founded by a Polish entrepreneur Dr. Jan Kulczyk.
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