Kulczyk Oil Ventures, which is majority owned by Poland’s richest man, Jan Kulczyk, is planning to enter the African market.

The Neconde consortium, which is made up of KOV and the Nigeria’s Nestoil, bought concession from Dutch oil giant Shell for exploration at the Nigerian OML 42 field, which is comprised of eight oil deposits.

The two companies bought 45 percent of the concession licence for a reputed 800 million US dollars, and also allows for the exploration of gas.

Meanwhile, analysts quoted by the Dziennik Gazeta Prawna daily are wondering where KOV will find such an enormous sum for such a transaction, as the investment is worth the company’s capitalisation many times over.

Even if KOV will pay half of the expected sum, it is sure that the cash raised would not be from issuing stocks, expect analysts. (jb)