Conoco Comments on Polish Shales

Speaking about the company's exploratory drilling plans, ConocoPhillips Chief Financial Officer Jeff Sheets said the company continues to evaluate its shale opportunities in Poland, where it completed two vertical wells in 2010.

The oil giant expects to drill and test one horizontal and two vertical wells later this year, he said.

In August 2009, Lane Energy, a subsidiary of 3Legs Resources plc. and ConocoPhillips, entered into an agreement under which the parties agreed to  jointly evaluate the potential of Lane ’s six Baltic Basin licences covering an area of ~1 million acres (approximately 4,000 square kilometres).

Separately, ConocoPhillips also plans to drill a second well in Kazakhstan later this year.

Sheets was speaking to analysts in a conference call today. ConocoPhillips is the third largest oil company in the U.S. by market value.

Source: Dow Jones

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