Orlen to Drill for Shale Gas in Q4

PKN Orlen expects to undertake drilling for shale gas in Q4, 2011.

Orlen has begun to undertake seismic work on its concessions in the region of Lublin, the results of the which are expected in mid-2011.  The company plans two wells in the second half of 2011, and another in the first half of 2012.

Orlen holds six concessions for unconventional gas and is investing approximated 50 million euros on the search and extraction of shale gas though its subsidiary, Orlen Upstream.

The company is reported to have conclude negotiations that will see it becoming a significant shareholder in a number of U.S. shale gas fields owned by an unnamed party. In return, Orlen will offer its new partner access to its Polish shale gas concessions.  Read More HERE