BNK Updates European Shale Activity

In reporting Q1 2011 results, BNK Petroleum Inc. provided an update on its unconventional gas activities in Europe. The company's holds prospective shale acreage in Europe totaling 3.6 million (net) acres in five separate basins.

BNK through Saponis Investments Sp z o.o., completed the drilling of the Wytowno #1 well in February and in April completed the drilling of the Lebork S-1 vertical well in Poland.

The company stated that completion activity will not begin until core analysis and log interpretations are completed and zones of interest will be fracture stimulated and flow tested.

BNK is awaiting analysis of the Lebork S-1 and Wytowno #1 well cores from the 3rd party laboratories, which has taken much longer than originally anticipated. The company commented that laboratories report that turnaround time on core work is now normally four months or more due to their volume of work.

BNK, through Saponis, has begun constructing the location for the Starogard S-1 well, which is expected to spud in late June.

The company is waiting for approval to acquire about 650 km of 2D seismic on the six concessions in Poland and hopes to be able to begin that acquisition later this summer. On its 100% owned Indiana concessions, BNK has negotiated 3 surface locations where signed agreements are expected shortly for its first three wells on those concessions.

In Germany, BNK  initiated the bidding process for the 2D seismic operations on its six concessions which will provide the necessary information for its drilling program next year. The seismic acquisition is planned for the late 2011/early 2012.

Source: BNK Petroleum