Kulczyk Oil Ventures Inc.

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Sellers
Marketers
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Description

Kulczyk Oil Ventures Inc. has retained Envoi Ltd. to seek a partner to develop a large but largely undeveloped prospect in onshore Brunei.

Kulzczyk has a license to develop Block L, which encompasses 1,110 square kilometers in northeast Brunei, most of which is onshore.

Kulczyk owns a 90% interest in Block L onshore through two wholly-owned subsidiaries, one of which is the operator. Its current activity is focused on completing the processing and mapping of a new seismic acquisition program, including 350 square kilometers of three-dimensional seismic data acquired in 2008 and 2009.

Block L’s Phase I exploration and term obligations were completed in August 2010 and Kulczyk has committed to a two-year exploration period including the compulsory relinquishment of 50% of the original 2,200 square kilometers PSC area. Phase 2 was originally for two years, but was extended an additional 12 months to complete the new seismic surveys and two exploration wells.

Kulczyk also owns a license to develop an area immediately south of Block L and is therefore involved in the whole prospective play in onshore Brunei. For additional information, contact Mike Lakin at Envoi Ltd., 4420-8566-1310.