Three years have passed since Jan Kulczyk, the well-known Polish businessman, left Poland after he had been investigated by a Parliamentary commission. He was very busy, however. He founded Kulczyk Investment House (KIH), which in July 2007 acquired 39 percent of Loon Energy, a company listed on Toronto stock Exchange specializing in oil exploration. Loon Energy owns several oil concessions on several continents. In Brunei, Syria, Columbia and Peru, preparations are going on to start oil exploration works this and next year. In all these countries, millions or even billions of barrels of oil may be found. PKN Orlen, Poland’s fuel giant, produces in Poland about 90m barrels anually.
“This are just preliminary estimates. They may be verified up and down. Brunei fields are the most promising ones. We won with 10 other firms. We have a strong local partner there: QAF, the biggest private company in Brunei managed by Prince Mohammed Bolkiah, Brunei’s Minister of Foreign Affairs and the oldest son of Brunei’s Sultan. In addition, Nations Energy, a strong foreign partner, will provide financing for the first phase worth USD 20.5m”, Dariusz Mioduski, KIH CEO said.
The concession owned by Loon covers nearly half of the sultanate. In November 2007, just 800m from the block owned by Loon, very big new gas fields had been found.
“This does not necessarily mean success but it is very optimistic. In several other countries, including Columbia and Peru, the situation is similar”, Manoj Narender Madnani, KIH managing director and member of Loon Energy board of directors said.
KIH CEO said that the company invested more than USD 30m in Loon Energy. If the company finds oil, the capitalization will jump.
“Extraordinary specialists work in the company. Tim
Elliott, Loon CEO, was part of the team which build the fortune of Canadian oil
millionaires – the Lundin family. Jock Graham, Loon deputy CEO, worked for
Chevron and the Lundin family. Norm Holton, Loon chairman, has 35 years of
experience and is very respected in Canada. Gary King, one of Loon’s independent
directors, and the CEO of a ware exchange in Dubai, is a guru of world’s oil
analyses. Just to mention several names”, Dariusz Mioduski assured.