SYRIA In all of the excitement of the last few months we should...

SYRIA
In all of the excitement of the last few months we should not forget Syria, where we completed the acquisition of 420 square kilometres of 3D seismic data on time and under budget. The processing of this data is almost complete and interpretation has started. It is still early days but we are very pleased with the results so far as we have been able to identify a very large structure deep in the
section which may represent a substantial drilling target down to approximately 3,000 metres in
depth where previously we could see nothing on the older seismic below 2,000 metres due to data
quality confirming our hope that Block 9 contains a significant exploration target. This potential is
evidenced by our agreement with MENA Hydrocarbons, a new company led by a very experienced
oil and gas team with substantial Middle Eastern experience and a track record of building
successful oil and gas companies. We are pleased to have them as our partners in Block 9.
Block 9 update
Completed 3D seismic
Appointment of an independent expert responsible for analysis of data ? Sensor Geophysical in Calgary
Data interpretation is expected to be completed in February 2011.
Primary indications are that the new data support, or even enhance, earlier perceptions of the blocks prospectively.

Source: 3rd Quarter activity report by KULCZYK(well operator)
http://www.kulczykoilventures.com/files/newsletter_angielski.pdf

Another article by Bloomberg:

Kulczyk May Start Drilling for Oil in Syrian Block by End-June
By Lina Ibrahim and Nayla Razzouk - Feb 17, 2011 4:47 AM ET

Kulczyk Oil Ventures Inc., an exploration company controlled by Polish billionaire Jan Kulczyk, may start drilling Syria?s Block 9 by the end of June, a company official said.

?We plan to start the two-well drilling program in Block 9 in the second quarter, provided we secure a drilling rig and all other necessary equipment on time,? Jakub Korczak, the company?s deputy chief executive officer, said today in an e- mailed statement. ?Tenders for these have been initiated and the process is ongoing.?

The Calgary-based company won the right to explore the block in 2007, but hasn?t started drilling. It has a 45 percent net operating interest in the 10,032-square-kilometer (3,870- square-mile) site in northwest Syria. MENA Hydrocarbons Inc. has 30 percent, Triton Petroleum Pty Ltd. 20 percent and an ?unrelated? party 5 percent, according to Kulczyk?s website.

Syria, struggling to halt a decline in crude oil output, is seeking foreign investment in energy developments to help stabilize oil output this year at a rate of 386,000 barrels a day, Oil Minister Sufian Alao said Jan. 26.

Crude production peaked at 596,000 barrels a day in 1995, and the country will deplete its existing reserves within 18 years, according to its reserves-to-production ratio as calculated by BP Plc.

http://www.bloomberg.com/news/2011-02-16/kulczyk-may-start-drilling-for-oil-in-syrian-block-by-end-june.html

we should see a big Re-rating soon! $6 million market cap is Ridiculous in my opinion