Petrolinvest Aims to Drill First 3 Polish Shale Wells in 2012

Petrolinvest SA plans to drill three exploratory wells next year, in an examination of shale gas reservoirs on one of its nine concessions in Poland - writes the Polish Press Agency, citing its head of communication Tomasz Tarnowski.  

"In 2012, on a Silurian Hallwood concession, three vertical wells are to be completed. Additionally, in two of them horizontal drillings are also planned."

Tarnowski stressed that Halwood, an American partner of Silurian on four of the concessions, had 10 years of experience in shale gas. He said that Silurian was also going to form a partnership for the remaining five concessions, currently owned by Silurian Energy Services Sp. z o. o, in which Petrolinvest has 90% share..

Silurian Hallwood is in the process of raising up to $100 million, mainly by an IPO through a listing on London's Alternative Investment Market (AIM) by the end of next month. Tarnowski did not reveal the value of next year's investments.

He said that Petrolinvest wants to strenghten its position by obtaining further exploratory concessions in the country.

Related Reading: Petrolinvest: An Emerging Polish Shale Player