Source: BNK Petroleum Inc.
BNK Petroleum Inc. (TSX: BKX) announced today that it has been awarded the Weinbergen Oil and Gas Concession totalling approximately 535,000 acres in Thuringia, Germany. This concession brings the Company’s total acreage in Europe to approximately 4.4 million net acres, in 5 separate basins.
Located in the Thuringian basin of Germany, the Weinbergen concession, along with the previously awarded Seeadler and Steinadler concessions, target a fractured carbonate play within a proven hydrocarbon system. This project has the potential for wet gas as well as liquids rich production. The Carbonates are in direct contact with an organically rich shale, which is the source rock. There are vintage fields within the concession boundaries that produced both oil and gas. Other operators in Germany and elsewhere in Europe are pursuing similar play concepts.
Similar to the prolific Austin Chalk play in the United States, the Company believes that these naturally fractured carbonate reservoirs can best be developed by using technologically advanced conventional horizontal drilling and completion techniques. This type of well provides contact with a greater number of hydrocarbon bearing fractures, resulting in better well productivity and significantly reduces the number of wells needed to develop the resource, thereby minimizing the operational surface area utilized.
The concession terms include certain minimum requirements, which must be fulfilled by BNK to retain its interest. The more significant minimum requirements include the requirement to conduct geologic work in the 1st year, acquire 2D seismic in the 2nd year, drill a vertical well in years 3 and 4 and drill a horizontal well in year 5.
In Poland, as previously announced, a drilling rig has been contracted to begin drilling the first of three wells on the Company’s Indiana concession blocks. Lease construction is scheduled to begin in January 2012 and the drilling rig is expected to mobilize to the first location in late February to early March. The Company is also in the process of applying for approval to drill horizontal wells on its concessions.
The previously announced 2D seismic program is progressing with approximately 35% of the data already acquired. Approximately sixty percent of the acquired lines are currently being processed and we anticipate receiving that data by year-end. The program consists of about 407 km on the Saponis concessions and 333 km on the Indiana concessions. The objective of the seismic program is to further define basin structure and burial history as well as to aid in the selection of individual well locations.
BNK Petroleum plans to appoint a financial advisory firm by year-end, to assist in the evaluation of farm-in inquiries received on a number the Company’s wholly owned European projects. Consistent with its business strategy, the Company’s objective is to create synergies for the development of the Company’s European projects through its selection of farm-in partners.
BNK Petroleum Inc. announces German fractured carbonate project
Source: BNK Petroleum Inc.