Kulczyk Oil boosts sales 3.5x in 9M12, postpones AIM listing till early 2013

Kulczyk Oil boosts sales 3.5x in 9M12, postpones AIM listing till early 2013



14 листопада 2012 года
Конкорд Капитал

Kulczyk Oil Ventures Inc (KOV)


Kulczyk Oil Ventures (KOV PW) boosted it average natural gas sales volume 2x yoy to 14,5 MMcf/d in 9M12, the company reported on Nov. 13 in its financials. The average gas sale price grew 11.5% to USD 11.7/Mcf, while condensate sales volume increased 2.4x yoy to 142 bbl in 9M12, boosting revenue for the period 3.5x to USD 72.3 mln. Natural gas netback grew 46% yoy to USD 8/Mcf in 9M12. Kulczyk reported an USD 80.2 mln net loss in 9M12 on an USD 85.3 mln Brunei Block M write off. Kulczyk also announced plans to conduct fracking of the M-21 well by the year's end. In a separate Nov. 13 statement, Kulczyk reported a 6.7% increase in its 2P reserves after royalties to 5,624 MMboe since the end of 2011. The company plans to complete its AIM listing in 2013.

Roman Dmytrenko: The company’s production results are of little surprise, considering that a recent operation update indicated that the average gas output as of mid-November stood at 17.7 MMcf/d, or 22% higher compared to 9M12. However, the year-end exit rate might be up to 10% lower due to additional work on the M-21 well, which was put into commercial production at a rate of 1.7 MMcf/d in August. We are concerned with the postponement of the AIM listing till early 2013 as an auditor emphasized that Kulczyk might need additional funds to continue implementing its drilling program.

Источник: Конкорд Капитал

Аналитик: Роман Дмитренко
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