It is reported that Kulczyk Oil Ventures Limited the key shareholder of which is Polish businessman Jan Kulczyk plans to send a part of funds raised during an initial public offering to finalize a deal on the acquisition of natural gas extraction assets in Ukraine.

Kulczyk Oil on May 11th conducted an IPO on the Warsaw Stock Exchange selling 166.4 million shares at PLN 1.89 per share. The company raised PLN 314.4 million while initially Kulczyk Oil planned to raise up to USD 265 million. The company placed around 83% of its earlier issued shares. Kulczyk Oil expects that share listing on the WSE would start from May 25th 2010.

(Sourced from www.interfax.com.ua)