BNK has been awarded a further concession totaling approximately 840,000 acres in Western Europe. The new concession is located in Saxony-Anhalt, Germany and brings the Company's total acreage in Europe to 3.9 million gross (3.5 million net) acres in a total of 4 basins, and in Germany to 2.4 million acres (gross and net) in 3 basins.
The new concession and the Company's other concessions in the North Rhine-Westphalia, Thuringia and Lower Saxony regions of Germany were acquired for their multiple prospective shale gas targets as well as, in some instances, for secondary targets of Coal Bed methane and tight gas sands. This latest concession contains certain minimum requirements which must be fulfilled by BNK to retain its interest. Some of the more significant minimum requirements consist of conducting geological work in the first year, acquiring seismic in the second year, drilling one vertical well in both years three and four, and the drilling of one horizontal well in year five within each concession area.
The Company continues to await the potential grant of other concessions that it has applied for and it also continues to apply for additional concessions.
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