BNK Petroleum Inc. announced that on February 28, 2012 the Company's wholly owned subsidiary Indiana Investments Sp. z o.o., began drilling the Miszewo T-1 well on its Trzebielino concession block in Poland. The well is expected to take approximately 40 days to drill. Once the drilling rig has been released from the Miszewo T-1 well, the rig is scheduled to move to the Gapowo location on the Bytow concession block. An objective of these wells is to verify the Company's geological model, which indicates that the target shales on the Trzebielino and Bytow concessions were deposited in a deeper basin environment than encountered by the previously drilled wells. The deeper environment and transgressive nature of the deposit is expected to lead to richer and thicker organic shales than found in the Lebork S-1 well.
Saponis Investments Sp. z o.o., in which the Company has a 26 percent ownership interest, has scheduled further work in April 2012 on its Lebork S-1 well. The work will include recovery of the long term pressure test gauges that were installed in October 2011 to obtain valuable reservoir information. In additional, an injectivity test and long term leakoff test will be performed to confirm injection rates and pressures. The data collected will be used to finalize the re-stimulation program, which will be scheduled once approval is received from the Saponis shareholders.
The previously announced 2D seismic program is progressing with approximately 80 percent of the data already acquired. Approximately sixty percent of the acquired lines are currently being processed and we anticipate receiving data by June 2012 on all the lines. The program consists of about 407 km on the Saponis concessions and 333 km on the Indiana concessions. The objective of the seismic program is to further define basin structure and burial history as well as to aid in the selection of individual well locations.
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