from Macquarie......bnk had already done their verticle and got the data they wanted last year..imo its best that UOS do BNKs first as they can learn from the formation and gleam any from it for when they go one to san leons..I think any JV would also like to see those results given its just 65km away from lewino..links
San Leon (SLE LN, 5p, Outperform, TP: 9p) BNK completes drilling the Gapowo horizontal well , Giacomo Romeo, CFA
§ BNK Petroleum has announced it has completed drilling the Gapowo B-1 horizontal well (Bytow concession, Central Baltic Basin, Poland). The company discussed good early indications coming from log and core data (“elevated gas shows in the lateral validate the Company's belief that the Lower Silurian and Ordovician shales are highly prospective for shale gas”).
§ In a "number of weeks" the company will frac the well which will be followed by a flow test. As discussed in our SLE note in January (link below), the Gapowo B-1 well is located 65km to the south of where San Leon is planning to drill and test its Lewino horizontal well (later this year). Any updates from BNK on this well will offer a material read-across to San Leon and help SLE in the design of their horizontal well
San Leon Energy, the oil and gas company founded by former stockbroker Oisín Fanning, has agreed to offload most of its Irish offshore assets to John McKeon, the veteran exploration investor. San Leon, which is backed by the billionaire currency trader George Soros and the investment company Blackrock, has agreed to sell its Island Oil & Gas subsidiary to Mr McKeon’s Ardilaun Energy for $3 million. The deal does not include the 4.5 per cent net profit interest (NPI) held by San Leon in the Barryroe field, which is operated by Providence Resources. San Leon paid more than £13 million for Island 3½ years ago in an all-share deal, although it has since sold off many of the company’s assets. Mr Fanning said yesterday that San Leon does not “have the time or energy” to maximise the potential of Island’s Irish exploration licences. “It needs someone with time and energy that we haven’t got to devote to it,” he said. He added that San Leon intends to focus on its assets in countries such as Morocco and Turkey. Mr Fanning said San Leon is also exploring a sale of some of its other assets, such as its licence interests in Italy, including three exploration licences off the coast of Sicily; and Germany, where it has a licence in Lower Saxony. It may also sell its interests in Slovakia. “We are talking to people about [selling] all of those,” said Mr Fanning.
It Is who I hoped would do the frack for BNK. Couldn t be any better really for SLE. Same area, same fracking company. All eyes on their horizontal flow test results then as it would give us a pretty good clue of what to expect with ours. Do you know if UOS has one or several drilling/fracking crews/equipment (basically, are they doing the Bnk frack and flow then do Lewino once job done over there? That would give us some kind of idea on when our horizontal will be drilled and frack done. Many thanks Links. Very well informed.
Next week the Government will take care of law slate for roofing.
Author: PAP | 25-02-14 14: 03
Next week the Council of Ministers should deal with the revision of the project Of geological and Mining-Environment Ministry spokesman PAP said Paul Mikusek.
"The project has already been assessed by the Standing Committee of the Council of Ministers. The Council of Ministers, including Minister of environment autopoprawkę project headed toward delete. the concept of the establishment of the national Operator of energy Minerals, "said PAP Mikusek Tuesd
Government for many months working on the draft law. the extraction of gas from shale. B. Deputy Minister of the environment, (b). the Chief geologist of the country Peter Wozniak, it has, the concept of the establishment of the national Operator of minerals. This company was to have a share in the profits from the exploitation of hydrocarbons in proportion to the share in the cost, which could not, however, exceed 5% of the value of geological works on any concessions. In accordance with his concept was under the control of the find NOKE resort environment. In February, however, the Government gave up the appointment of the national Operator of minerals (NOKE).
The appointment of mining industry oppose NOKE; in its view, this is another bureaucratic burden (to perform control functions also have a NOKE). Control functions will be Higher was NOKE Urząd Górniczy.
Convinced of the glacial pace exploration of shale gas in Poland and lack of progress in the work on the draft law was the reason for the resignation of Environment Minister Martin Korolca in November 2007. He was replaced in this position by Maciej Grabowski, who in the second half of December, ub. appealed for the post and appointed Wozniak main geology of the country, Brodzińskiego. At the same time announced the acceleration of work on the project and has not excluded that after the meeting with experts and industry representatives will introduce to him autopoprawkę.
Grabowski is convinced that this year is the first commercial borehole with shale gas deposits.
A significant change in the Bill is to replace two types of concessions (search-finding and mining) one: fire-reconnaissance +-extractive. Facilitating for companies has to be a record, which start in one part of the mining concessions before the end of the quest in another.
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