Loon Energy, the oil company from Jan Kulczyk group, has concessions to explore oil on several continents. But it keeps looking for new sites.
“We are analyzing to invest in Eastern Europe, including Ukraine. Africa, and especially Egypt, are being taken into account as well”, Timothy M. Elliot, Loon Energy CEO said.
In his opinion, the financial crisis supports the development of his company.
“There are many companies in our sector which had invested too much in the past. This is a great opportunity to buy them cheaply. We are eying several such projects”, Timothy M. Elliot admitted.
He added that some assets worth USD 30-50m in the past are now worth USD 5m. This is exactly what Jacek Krawiec, PKN Orlen CEO has recently said: that some companies are today worth 10-15 percent of what they had been worth last year.
Loon Energy is not worried with falling oil prices. The company will soon
change. Till the end of December, the company will be split. Part of it, with
assets in the Middle East, Europe and Asia will be called Kulczyk Oil Ventures
and will be listed on the WSE in May 2009.