BNK Petroleum announced that its wholly owned subsidiary Trofagas Hidrocarburos, S.L., has been awarded an oil and gas concession totaling approximately 234,000 acres located mainly in the autonomous community of Castile and Leon, Spain. This concession brings the Company's total acreage in Europe to about 3.8 million net acres in 5 separate basins.
Located in the Cantabrian basin of Spain, the concession has been acquired principally for shale gas targets but also has some conventional oil and gas potential. The primary target is a Jurassic-aged shale, which based on available information ranges, in the most prospective areas, from 100 to over 200 meters in gross thickness at depths of about 2,500 to 4,500 meters. The structure and stratigraphy are defined by numerous existing 2D seismic lines and dozens of wells which were drilled by other operators. Most of the previously drilled wells had oil and/or gas shows in the shale interval as well as in fractured carbonates both above and below the shale. These fractured carbonates are the conventional targets.
The concession terms include certain minimum requirements, which must be fulfilled by BNK to retain its interest. The more significant minimum requirements include the requirement to conduct geological work in the first year, drilling two wells each in years two, three and four and three wells in year five.
The Company on behalf of Saponis Investments Sp. z o.o., announced that it has commenced completion operations on the Lebork S-1 well which entails rigging up equipment, cleaning out the wellbore and performing formation evaluation tests prior to fracture stimulations.
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