BNK Petroleum Inc. (“BNK” or the “Company”) (TSX: BKX) announced on behalf of one of its European subsidiary’s, Indiana Investments Sp. Z.o.o. that it has been awarded three oil and gas concessions in the Baltic Basin of Poland by the Ministry of Environment.
The three concessions, Darlowo, Bytow and Trzebielino, were applied for in 2009 and total approximately 880,000 acres net to BNK. The concessions are directly adjacent to BNK’s Slawno and Slupsk concessions where BNK intends to drill its first well in late second or early third quarter of this year. This first well is part of the farm out whereby BNK is carried for all but 6.67% of the first $25 million spent on the project. The three new concessions bring BNK’s acreage holdings in Europe to approximately 3 million gross acres and 2.65 million net acres.
The Company continues to await the awarding of previously submitted applications and is continuing to apply for new concessions in other European basins.
Certain minimum requirements must be fulfilled by BNK to retain its interest in these latest concessions. The more significant minimum requirements consist of conducting geological and geophysical work and the spudding of a well within 18 months of the concession award date. A second well on each concession is required to be completed by March 2013.Mesa Reviews Marcellus Shale's Potential in Java Field.
Recommended Reading
Safety First, Efficiency Follows: Unconventional Completions Go Automated
2024-07-18 - The unconventional completions sector has seen a tremendous growth in daily stage capacity and operation efficiencies, primarily driven by process and product innovations in the plug and perf space.
International, Tech Drive NOV’s 2Q Growth Amid US E&P Headwinds
2024-07-29 - Despite a U.S. drilling slowdown, slightly offset by Permian Basin activity, NOV saw overall second-quarter revenue grow by 6%, although second-half 2024 challenges remain in North America.
Cracking the Fracking Code: Efficient Approaches to Optimize Wellbores
2024-06-30 - Technology and process innovations improve operational efficiencies even as companies scramble for greener fracking solutions.
Give Us a Signal: Tech Firm Ups E&P Coverage in Remote Plays
2024-07-02 - As E&Ps struggle to transmit information over public networks in out-of-the-way oil and gas basins, tech firm Digi is working to improve its reception.
E&P Highlights: June 10, 2024
2024-06-10 - Here’s a roundup of the latest E&P headlines, including a decline in global drilling activity and new contract awards.