PGNiG Updates Status of Shale Projects

Poland's gas monopoly PGNiG expects to have first information on profitability of its unconventional gas exploration licences in late 2012 or 2013,

The head of PGNiG supervisory board, Stanislaw Rychlicki expects the company will know more about the size of gas fields in second half of this year, when data from ongoing test drills is available.

"First information on economics of the shale gas licences we have will be available close to end of next year," Rychlicki said.

"In mid-2011 we will have results of the test drills we are currently conducting and by year-end we will have information from drillings planned for second half of the year."

The monopoly, which holds 15 exploration licences for shale or tight gas in Poland, has already performed several test drills but results so far are not encouraging.

"Markowola drill results showed presence of tight gas but in quantities definitely below our expectations," Rychlicki said. (Read More on Markowla and drilling at Lubocine HERE)

Source: Reuters