BNK Petroleum announced that the Wytowno #1 well, on the Slawno concession in Poland, has been drilled to 3,580 meters and is being prepared to have casing run and cemented to total depth. During drilling, numerous gas shows were recorded over 220 meters of the Lower Silurian, Ordovician and Cambrian shales and a further 450 meters of gas shows were recorded in the middle and upper Silurian shale. The strongest gas shows were encountered in the Ordovician shale. The gas shows consisted of mainly methane, with a small percentage of ethane and propane.
The Ordovician shale interval in the Wytowno #1 well is approximately 83 meters thick and represents a thicker section than seen in previous wells drilled in updip, structurally higher positions. This suggests an increasing thickness trend that may continue into deeper portions of the basin. Approximately 200 sidewall cores have been taken to fully evaluate the physical parameters of the rock. These analysis will provide, among other data: porosity, permeability, total organic carbon, rock eval pyrolysis, thermal maturity, gas composition, micropaleontology, and mechanical properties.
The Company estimates that it will take about 45 days to receive the results of these analysis from the subcontractors. The suite of Schlumberger open hole logs that were run in the Wytowno #1 well, will be calibrated using the data to more precisely calculate the potential pay sections. The log suite currently calculates the highest gas and best properties in the Ordovician shale interval. In addition IsoTube and IsoJar samples were taken which will allow verification of the thermal maturity.
In early April all data analysis for the completion should be finished and the fracture stimulation will be designed. The Company anticipates being able to fracture stimulate the first interval in the Wytowno #1 well and provide results during the second quarter.
At a current estimated cost of $6 million, which includes estimated costs to run and cement the production casing, the well will be drilled on budget. Once casing has been run and cemented in the Wytowno #1 well, the rig will mobilize over to the Lebork location, on the Slupsk concession to immediately begin drilling operations. The Lebork location has already been completed and all permits are in place. The Lebork #1 well is located approximately 26 kilometers from Lane Energy/Conoco's Lebien LE1 well. The Wytowno #1 and Lebork #1 wells are being drilled by Saponis Investments Sp Z o.o. where the Company is Manager. The Company owns 26.6 per cent of Saponis, and the rest of Saponis is owned by Rohöl-Aufsuchungs Aktiengesellschaft (RAG), Sorgenia E&P SpA and by LNG Energy through a subsidiary. The company is obliged to pay approximately 6.6 per cent of the drilling costs of these first two wells, with the other 20 per cent of the company's interest being paid by RAG and Sorgenia under the terms of the company's farm-out to RAG and Sorgenia. The company holds 195,000 net acres in Poland through Saponis and a further 880,000 adjacent net acres through another European subsidiary.
Wolf Regener, CEO of the Company, stated, "We are pleased with the initial log analysis and the gas shows in the Wytowno #1 well. We look forward to the analysis of all the data to identify the intervals to be tested so that we can attempt to prove that gas can be liberated from the Polish shales in this wellbore."
The Company is currently awaiting the analysis of the samples that were collected in the second phase of field work, which was completed during the quarter of 2010. Additionally, the bidding process has been initiated for seismic operations planned for the second half of 2011. The Company expects to acquire between 30 and 50 kilometers of 2D seismic on each of the 6 concession blocks. The first seismic to be acquired will likely be in the North Rhine Westfallia blocks on acreage offsetting Exxon. The Company's 2.4 million acres in Germany were acquired primarily for shale gas, but some of the blocks also have secondary potential for tight gas sands and Coal Bed Methane.
In Alabama the Company has completed testing of its WS Lee well without economic quantities of gas being produced. The well is being plugged and abandoned.
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