GB Petroleum plc has been awarded a non-operated 40% interest in three new licence areas in central Poland by the Minister of the Environment, as a result of the 2007 Licensing Round.
Highlights:
- Award of three new blocks in central Poland.
- Aggregate area equivalent in size to approximately nine North Sea blocks.
- Awards mark the company’s first steps in Poland.
The Kalisz concession (Block 249) is located in the Polish Central Lowlands and is a Permian-aged Rotliegendes gas play, very similar to the prolific Rotliegendes plays of the Southern North Sea. The block is 960 square kilometers in area, which is approximately equivalent to the size of four North Sea Blocks. The block is some 30 km to the southwest and on trend with the Poznan East concessions in which Aurelian recently confirmed a substantial gas accumulation with its Trzek-1 well, drilled and tested during 2007. The block is also immediately east of the POGC/FX Energy "Fences" area, where Rotliegendes gas discoveries have been made. Much of the Kalisz block has yet to be covered by modern seismic data and the group will undertake a 2D seismic acquisition programme over the block during 2008.
The Cybinka (202/222) and Torzym (203/223) Blocks are contiguous concessions in the western part of the Polish Central Lowlands. They are adjacent to the German border and cover 681 and 570 square km respectively, approximately equivalent to the size of five North Sea Blocks. These blocks are prospective for Zechstein oil, analogous to the oil accumulations discovered by POGC in their nearby Lubiatow and Sulecin fields. The existing 2D seismic will be reprocessed and re-interpreted during 2008 with the Group acquiring new 3D seismic over the blocks during 2009.
Aurelian Oil & Gas Poland Sp. z o.o. is Operator of these new concessions and holds a 50% interest, with GB Petroleum plc 40% and Avobone Poland B.V. 10%.
Bob Lambert, Chief Executive of GB Petroleum plc, commented:
"We are delighted to have been formally awarded these blocks. These concessions represent our first steps into Poland, which has been a focus area for some time and complements our growing gas portfolio in Europe. We are also pleased to be part of a group led by Aurelian, which is a very experienced and successful operator in the country.