"The flow-back test of the Gapowo B-1 horizontal well in Poland has concluded and the well is currently shut-in for a 3-4 week pressure buildup test. Production rates remained in the range of 200,000 to 400,000 cubic feet per day throughout the flowback test. The Company expects this pressure data to provide the remaining information required to complete our reservoir model analysis. The Company anticipates completing the reservoir analysis in October.
"The Company believes that this reservoir analysis will validate the Company's preliminary analysis, through further design improvements, that future wells can be effectively stimulated across an entire lateral and that the production rates achieved at Gapowo can be proportionally increased to not only account for the entire lateral but also increase gas rates per stage when placement of designed proppant concentrations are achieved. The Company expects the resulting projected production to be at rates that would justify further development of the reservoir.
"This is similar to the path of exploration to development in many shale gas projects in the United States where numerous exploratory wells are necessary to advance shale projects to economic production, including the Company's own experience in the Caney formation.
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