BNK Interested in Bulgarian Shales

Novinite.com reports that BNK Petroleum has joined the ranks of those with interest in extracting Bulgaria's shale gas.

The disclosure was made by Bulgarian Prime Minister Boyko Borisov following a meeting the former NATO Secretary General Wesley Clark, who is currently on the BNK Petroleum's board of directors. Bulgaria's Minister of Energy, Economy and Tourism Traicho Traikov also participated in the meeting.

California based BNK has received several concessions allowing it to extract shale gas in Germany and Poland.

BNK is a shareholder in Saponis Investments Sp. Z o.o. which has started drilling the Wytowno S-1 shale gas exploratory well in the Baltic basin in Poland. In October 2009, the BNK  farmed out its 80% interest  to Rohöl-Aufsuchungs Aktiengesellschaft ("RAG") and Sorgenia E&P S.p.A. Upon fulfillment of the farm out conditions, RAG/Sorgenia will earn a combined 53.23% interest in Saponis, BNK’s interest will reduce to 26.67% and LNG Energy Ltd. will maintain its 20% interest.

In September Direct Petroleum, a US-based small oil and gas company with a Bulgarian subdivision, announced the first two discoveries of shale gas in Bulgaria. Both are located in the central northern part of the country. One of them, located near the town of Etropole, is of considerable size.  (Read more about Direct HERE)

US Ambassador to Bulgaria James Warlick has confirmed the interest of US major Chevron in prospecting in the northern parts of the country.

In October, authorities gave a permit to Park Place Energy Corp., a US-registered, Canadian-based company, to explore for gas in the Vranino block near Kavarna in north-east Bulgaria.   (READ Bulgaria Plans Shale Bids HERE)