BNK Updates European Shale Activities

In reporting its year end financials, BNK Petroleum commented on its European shale gas activities.

BNK reported that Starogard#1, the third well in the Saponis joint venture in Poland, currently has an anticipated start date in the third quarter of 2011. Saponis’ first well, Wytowno #1, was drilled, cased and cemented on budget in the first quarter of 2011 while the second well, Lebork #1, began drilling on March 11, 2011.

Saponis was initially held 80% by BNK and 20% by LNG Energy Ltd.  In October 2009, the BNK  farmed out part of its 80% interest in the concessions to Rohöl-Aufsuchungs Aktiengesellschaft and Sorgenia E&P S.p.A.

In BNK’s wholly owned subsidiary, Indiana Investments Sp. z o.o., core analysis and geological work is ongoing and the Company plans to spud its first well later this year.

In Germany, the Company is currently analyzing shale samples gathered as part of two field studies undertaken in 2010. Once this analysis is completed a geological model will be further refined and 2D seismic work will commence in 2011.

BNK has also made other concession applications, in other basins, including France and is awaiting their potential grant.

Source: BNK Petroleum