Shale gas potential draws explorers to Poland

Rohol-Aufsuchungs AG, Vienna, and Sorgenia E&P SPA took farmouts from BNK Petroleum Inc., Calgary, to earn BNK’s 80% interest in and pursue shale gas on the Starogard, Slupsk, and Slawno oil and gas concessions in Poland.

Oct 16th, 2009

By OGJ editors
HOUSTON, Oct. 16
-- Rohol-Aufsuchungs AG, Vienna, and Sorgenia E&P SPA took farmouts from BNK Petroleum Inc., Calgary, to earn BNK’s 80% interest in and pursue shale gas on the Starogard, Slupsk, and Slawno oil and gas concessions in Poland.

RAG and Sorgenia will pay BNK a management fee of $250,000/month for 12 months for technical consulting, and BNK will pay all costs attributable to the parties’ interests to identify the first drilling location.

After the first location is identified, RAG and Sorgenia will each pay half of 73.33% of the next $25 million in exploration costs. BNK will pay 6.667%, and BWB Exploration LLC will pay its 20% share.

RAG and Sorgenia will earn a 53.23% interest in BNK’s subsidiary Saponis Investments SP ZOO, which holds the three concessions. BNK remains operator.

Without giving specifics, BNK said preliminary data indicate that some of the shales in the concessions “are silica rich and appear to have thermal maturities and total organic carbon in a range that could make them successful shale gas projects.”

BNK continues to pursue shale gas concessions in Eastern and Western Europe and plans to hold 2 million acres in four basins by yearend.

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