BNK picks Nafta to drill 2 wells in Poland's Slawno & Slupsk Blocks

BNK Petroleum's Polish subsidiary Saponis Investments has completed the major tenders for the services to drill the Wytowno S-1 and Lebork S-1 wells on the Slawno and Slupsk Blocks in Poland's Baltic Basin.

The company said that the drilling contract has been awarded to Poszukiwania Nafty I Gazu Nafta Pila, wa unit of Polskie Gornictwo Naftowe i Gazownictwo (PGNiG), which recently completed drilling the Lebien LE1 well and is currently drilling the Legowo LE1 well, both for Lane Energy/ConocoPhillips and drilled with the company's Mass 5000 rig. It said that these two wells are shale gas test wells located on concessions directly offsetting the company's Saponis concessions.

Surface agreements have been secured for both the Wytowno S-1 and Lebork S-1 wells, and surface site construction is underway. The rig release and mobilization from the Legowo LE1 well and site construction will determine the Saponis drilling schedule. BNK owns 26.6% of Saponis with the remaining equity held by Rohol-Aufsuchungs Aktiengesellschaft (RAG), Sorgenia E&P, and LNG Energy through a subsidiary. The company is obliged to pay approximately 6.6% of the drilling costs of these first two wells with the other 20% of the company's interest being paid by RAG and Sorgenia under the terms of the BNK's farmout to

RAG and Sorgenia. The company holds 195,000 net acres in Poland through Saponis and a further 880,000 adjacent net acres through another European subsidiary.