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BNK Petroleum Inc. has reported an update on its Polish operations.
In Poland , the Company has initiated the drilling of the horizontal lateral with the re-entry of the Gapowo B-1 well, which is expected to take about 30 days to drill. The well is targeting the over-pressured, gas charged, organic-rich shales that were encountered in the vertical Gapowo B-1 well.
While drilling the vertical well, the average and maximum total gas readings were much higher than those seen in the Company's other Baltic Basin wells. The analysis of the log and core data leads the Company to believe that the Lower Silurian and Ordovician shales are highly prospective for shale gas as the shales have good total organic carbon, porosities and permeability's. The Company's geological work indicates that these characteristics are likely to extend over a significant portion of the Company's Baltic Basin acreage.
The Company plans to fracture stimulate seven of the available stages and evaluate the flowback prior to fracture stimulating the rest of the lateral. This two step approach will provide data to further optimize the fracture design prior to continuing the stimulation along the lateral section.
The Company, as well as Esrey Energy Ltd., have increased their ownership in Saponis Investments Sp. z o.o. by acquiring the interests of the other two Saponis shareholders on a pro-rata basis. The Company now holds a 57.04% interest in Saponis up from the original 26.7%. The consideration for the acquisition is the assumption of the future obligations of the selling shareholders in Saponis on a pro-rata basis.