LNG Energy Secures Drilling Rig for Polish Well

LNG Energy announced that its 20% owned Polish subsidiary, Saponis, has awarded the drilling rig contract to NAFTA Pila for the drilling of the Wytowno S-1 and Lebork S-1 wells on the Slawno and Slupsk concessions in Poland. NAFTA Pila recently completed drilling the Lebien LE1 well and is currently drilling the Legowo LE1 well, both for Lane Energy Poland Sp. Z o.o. ("Lane Energy") and ConocoPhillips. These two wells are shale gas test wells located on concessions directly offsetting the Company's Saponis concessions. Surface agreements have been secured for both the Wytowno S-1 and Lebork S-1 wells. Surface site construction is underway and once completed, mobilization and drilling will commence immediately upon the rig release from Lane Energy/ConocoPhillips.

"LNG will be utilizing the substantial shale gas drilling experience developed in the USA for the Wytowno and Lebork wells, including securing proven oilfield equipment used in the North American drilling rig design to optimize operational practices. Once drilling is completed on these wells, we will be utilizing North American engineering for the fracture design to maximize the potential of this unconventional shale gas opportunity," commented Dave Afseth, President & CEO of LNG. "While European gas prices are over two times higher than North American prices, we are committed to drilling and if appropriate, completing these wells in the most cost effective manner to maximize the return on our investment. Currently, Poland does not have sufficient internal natural gas production to meet its domestic demand requirements and must import additional natural gas from trans-European gas pipelines supplied by Russia. Two thirds of Poland's domestic requirements are met by imports from Russia, Uzbekistan and Germany."


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