Kulczyk ramps up reserves by 30%

Revving up: Kulczyk Oil Ventures reports 30% reserve rise

Kulczyk Oil Ventures

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Bill Lehane

 21 March 2013 13:52 GMT

Polish explorer Kulczyk Oil Ventures has increased its proven and probable reserves by 30% in 2012 to 6.96 million barrels of oil equivalent thanks to exploration successes in Ukraine.

The 2P reserves evaluated by RPS Energy include 40 billion cubic feet of natural gas after royalties and 299 million barrels of natural gas liquids.  

Chief executive Tim Elliott said that “the single biggest contributor to our increase in reserves has been exploration success”, while also crediting the application of modern production technology and practices in Ukraine.

Proved reserves after royalties rose 7.8% to 3.9 million boe over the year, while proven, probable and possible reserves after royalties leapt 85% to 12.85 million boe.

Kulczyk holds effective majority stakes in four producing gas licences near the city of Lugansk in eastern…

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