Auxilium Energy Inc. (OTC Markets: AXLM) is accelerating its efforts in the exploration of potential opportunities in the Baltic Sea area of Northern Poland.
The company's management identified Poland as an excellent prospect for oil and gas exploration based on EIA data that indicates Poland may contain the largest estimated shale gas reserves in Europe. Poland contains approximately 777 trillion cubic feet (TCF) of shale gas, with an estimated 67 trillion cubic feet that is technically recoverable. In particular, most of the shale gas is in the Baltic Sea area in the region of the Lublin Basin and in the Podlasie region.
The potential of Poland has not gone unnoticed with the Polish government having granted 111 shale gas exploration concessions covering 29% of Poland to date. The shale gas boom in Poland has attracted oil majors and independents such as PGNiG, Marathon Oil, Talisman Energy, Chevron, etc.
"The company’s increased effort in Poland is shaping up to be a fantastic opportunity for both Auxillium and its shareholders," said Warmond Fang, the company's CEO. "I believe that Poland has great potential to be the next major shale gas play if you look at what is happening in Europe. With bans on hydraulic fracturing in France, Bulgaria, and resource rich regions in Spain, Poland has a near monopoly of this valuable resource. It is an exciting time for Auxillium as we take steps to strategically position ourselves as a potential player in the evolving Polish shale gas industry.”
Auxilium is based in White Plains, N.Y.
Recommended Reading
Paisie: Oil Demand to Rise 1.2 MMbbl/d in Second Half
2024-07-26 - WTI’s price is expected to stay in the low $80s/bbl.
CF Indutries Enters CO2 Transport, Sequester Deal with Exxon
2024-07-26 - CF Industries Holdings will transport and sequester to Exxon Mobil CO2 from its carbon capture and sequestration project in Yazoo City, Mississippi.
Repsol to Implement New Share Buyback Program
2024-07-26 - Madrid-based Repsol plans to repurchase and redeem 20 million of its shares in the second half 2024, according to the company’s CEO Josu Jon Imaz.
Baytex Energy Joins Eagle Ford Shale’s Refrac Rally
2024-07-26 - Canadian operator Baytex Energy joins a growing number of E&Ps touting refrac projects in the Eagle Ford Shale.
CEO: Baker Hughes Lands $3.5B in New Contracts in ‘Age of Gas’
2024-07-26 - Baker Hughes revised down its global upstream spending outlook for the year due to “North American softness” with oil activity recovery in second half unlikely to materialize, President and CEO Lorenzo Simonelli said.