PGNiG Eyes BNK Petroleum's Shale Concessions

"Right now we have 15 licenses for shale gas exploration," said PGNiG Deputy CEO Marek Karabula.  "We are watching possibilities of increasing this number. We will be analyzing different options."

Karabula said that the Polish gas giant was interested in the holdings of BNK Petroleum, but did not reveal any specifics. 

BNK has publicly announced plans to engage a financial advisory firm by year-end in to assist in the evaluation of farm-in inquiries received on a projects. 

 BNK has been drilling the Wytowno S-1, Lebork S-1 and Starogard S-1 wells, as manager for Saponis Investments Sp. z o.o. 

The California based company holds an approximately 26.7 percent interest in Saponis Investments Sp. z o.o., with remaining ownership held with Rohöl-Aufsuchungs Aktiengesellschaft, Sorgenia E&P SpA and LNG Energy. 

Recently, Saponis announced that fracture stimulations performed on both the Cambrian and Ordovician intervals in the Lebork S-1 well did not enable an effective test of the two shales, due to a small percentage of the programmed quantities and concentrations of proppant being placed in each shale. Wytowno S-1 and Starogard S-1 fracture stimulations were delayed tp the spring of 2012 as well.

BNK plans to commence drilling begin drilling three wells on its three wholly owned Indiana Sp. z o.o. blocks starting in February 2012. The three Indiana blocks, Darlowo, Trzebielino and Bytow are situated immediately south of Saponis’ Slawno and Slupsk concessions.