BNK Petroleum announced on behalf of its Polish subsidiary, Saponis Investments Sp. z o.o., that it has been awarded three oil and gas exploration concessions in Poland by the Ministry of Environment. The three concessions, Starogard, Slupsk and Slawno, are located in Northern Poland and total about 720,000 acres. BNK has an 80% working interest in each concession, assuming a previously granted right to participate is exercised by a privately owned Delaware company as previously disclosed by BNK on December 3, 2008.
BNK believes that the preliminary data it has analyzed, indicates that the makeup of the some of the shales within its Polish Concessions, are silica rich and appear to have thermal maturities and total organic carbon in a range that could make them successful shale gas projects. Over the coming months, BNK intends to do further work by analyzing cores from previously drilled wells to determine the first well location. BNK intends to drill its first well in 2010. Each concession requires the spudding of a well within 18 months of the concession award date. BNK is entertaining partnerships for the exploration phase of this project.
BNK is also undertaking geologic mapping and data acquisitions in other parts of Europe in order to evaluate additional opportunities.
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