EuroGas, Inc. today announced that its Niebieszczany # 1 well is drilling ahead in southeast Poland at approximately 5,900 ft.
The well is situated in the Carpathian Thrust Fold Belt in southeast Poland in an area that comprises approximately 20% of the entire Bieszczady License Area (“BLA”), which encompasses approximately 1,000,000 acres.
The Niebieszczany # 1, which was spudded on Oct. 14, 2010, has a current planned total depth of 13,450 ft and may be drilled to as deep as 15,750 ft if warranted. Seismic data has revealed a preliminary target at 7,875 ft with a secondary target indicated at 13,650 ft. Preliminary results are expected in the first quarter 2011, with the final results coming in the late second quarter or the early third quarter of 2011.
The joint venture partners plan to drill a second well either nearby the Niebieszczany # 1, or at Rudawka, an area which is approximately 31 miles from the current well. The well's participants are conducting additional seismic to the east and south. The operator is Polskie Gornichtwo Naftowe i Gazownictwo (“PGNiG”), Poland's national oil and gas concern, which owns a 51% interest in the Bieszczady license. EuroGas' subsidiary EuroGas Polka Sp. z o.o. owns a 24% interest.
According to Aurelian Oil & Gas PLC (whose wholly owned subsidiary Energia Bieszczady Sp. z o.o. owns the remaining 25% working interest in the well), the well will target an oil prospect of up to 100 million barrels (gross) and results are expected in Q1 2011. There are several other similar sized prospects on trend which would be de-risked in the event of a successful outcome of this first well.
About EuroGas, Inc.
EuroGas is a publicly traded oil and gas company with assets in Ukraine and Poland, as well as talc mining interests in the Slovak Republic. The company's common stock trades on the Frankfurt, Hamburg and Stuttgart Stock Exchanges and XETRA in Germany under the symbol EUG and on the Other OTC (Pink Sheets) in the United States under the symbol EUGS.
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