Kulczyk Oil Ventures Inc (KOV), an international upstream oil and gas exploration company with principal interests in Brunei and Syria, plans to raise US$265 million from an initial public offering (IPO) in Poland in May.
Over a 24-month period following the listing, the company aims to use the proceeds for the appraisal and exploration of assets in Brunei and Syria and to acquire gas assets in Ukraine.
For its Brunei assets, the company plans to drill a minimum of four wells this year. Kulczyk Oil owns a 40 per cent working interest in a production sharing agreement that gives it the right to explore for and produce oil and natural gas from Block L, a 2,220 square kilometre area covering onshore and offshore areas in northern Brunei. It also owns an interest in Brunei’s Block M.