BNK Awarded Concession in Thuringia, Germany
BNK Petroleum Inc. has been awarded the Weinbergen Oil and Gas Concession totalling approximately 535,000 acres in Thuringia, Germany.
Located in the Thuringian basin of Germany, the Weinbergen concession, along with the previously awarded Seeadler and Steinadler concessions, targets a fractured carbonate play within a proven hydrocarbon system.
The Company reports that the 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.
This concession brings BNK's total acreage in Europe to approximately 4.4 million net acres, in 5 separate basins.
Source: BNK Petroleum