PGNiG Gets Interest in Danish License

PGNiG signed an assignment agreement for 40% interest in tan exploration and production license in Denmark held by Willumsen Exploration Consultants ApS.

The company will start exploration activity in prospective areas of Denmark, as well as the cooperation with Danish companies Odin Energi A/S and Nordsofonden.

According to experts, the license offers good prospects for discovery of crude oil fields in the Main Dolomite formation, similar to the one where the fields in the Gorzow and Pomeranian regions are located.

In Germany, 13 oil and gas fields are located in a corresponding zone (including Grimmem and Reinkenhagen fields), and further to the east, there are the Polish fields of Wysoka Kamienska, Kamien Pomorski, Maszewo. On the opposite, southern boundary of the basin, there are there are the fields of the Gorzow region, and further to the west there are numerous German and Dutch fields.

The proposal for acquisition of 40% interest and taking over of the operatorship under the license 1/5 located in the southern part of Denmark, close to the German border, was received by PGNiG in August last year. The license belongs to WeXco-Willumsen Exploration Consultants Aps holding 40% interest and Odin Energi A/S, also with 40% interest. In accordance with the Danish law, the remaining 20% interest is held by the Danish governmental firm Nordsofonden, which covers its share of the exploration costs under the license on an ongoing basis.