GB Petroleum Plc (GBP) and Polskie Górnictwo Naftowe i Gazownictwo S.A (PGNiG), a major Polish oil and gas exploration and production company, recently signed a Memorandum of Understanding to work together in the identification, evaluation and acquisition of selected international exploration and production opportunities in various countries in Europe and North Africa.
The two companies will use their respective business strengths to gain access to a variety of commercial opportunities internationally and at the same time cooperate with each other by sharing geological and geophysical expertise on the high-graded projects, including farm-out evaluations and new exploration licence rounds.
Bob Lambert, Chief Executive of GB Petroleum Plc, said “Several senior executives of the company, including Mike Hassell (Chairman), Phil Gardner (Poland Branch Manager) and myself, have had a long-standing relationship with PGNiG developed over many years and we look forward to joint participation in a number of international projects in the near future. This agreement is a significant opportunity for both companies to leverage their existing technical and commercial resources more effectively”.
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