Kulczyk Oil reduces net losses by 56% in H1
KYIV. Aug 15 (Interfax) - Oil and gas company Kulczyk Oil Ventures Ltd (Cyprus), which has assets in Ukraine, reduced net losses by 55.92% (by $6.6 million) year-on-year to $5.2 million, the company said on its website.
The company was able to reduce its losses thanks to an eight-fold increase in sales (by $7 million) to $8 million in comparison with January-June 2010.
"Despite an increase in total wells, as well as total seismic exploration and other operations at the Ukrainian assets, total financial and administrative expenditures practically went unchanged, coming to $4 million, compared to $4.1 million in the first half of 2010," the company said.
Kulczyk Oil, as before, expected to double its subsoil output in Ukraine by year's end. According to the company's main shareholder, Polish businessman Jan Kulczyk, the company is developing in accordance with its strategy.
The company owns 70% of the shares in LLC KUB-Gaz, which is engaged in the development of the Olgovskoye, Makeyevskoye, Vergunskoye and Krutogorivskoye fields, as well as survey of the Severo-Makeyevsky licensed section in the Dneprovsko-Donetsk basin. Kulczyk's portfolio, in addition Ukrainian assets, includes assets in Syria and Brunei.