BNK Petroleum Hints Gas at Miszewo - Awaits Deeper Drilling Permission

BNK Petroleum has suspended activity on its Miszewo T-1 well in the Polish Baltic Basin while it awaits approval from the Polish government to continue operations there.

The well, which is located on the Trzebielino concession, was drilled to a depth of 4,840 metres over 35 days. However, the company says it encountered a thicker section at the lower portion of the Middle Silurian formation and will be required to drill further down to a depth of about 5,150 metres. In order to drill to this amended depth, the company must now wait on approval from Poland's Ministry of the Environment. As part of this process, the company will have to attain an environmental decision (ED) from the ministry.

BNK has now suspended the well while it awaits the result of this ED. If a positive ED is not attained, the company says, the well will remain suspended until an environmental impact assessment (EIA) is completed.This EIA, which is already in progress, is expected to be completed by the third quarter of this year.

The drilling rig used for the Miszewo T-1 well will now be moved to the Gapowo B-1 site. Once the necessary approvals are received, the rig will move back to the Miszewo T-1 location to continue operations at that site.

The company says it has encountered very favourable gas shows at the Miszewo T-1 well, with recorded gas show readings almost 4 times higher than   those encountered in the comparable interval in the Lebork S-1 well. Mud logs indicate that the interval was positive for mostly methane with smaller amounts of ethane present. Heavier hydrocarbons were also encountered.

BNK says the mud logs suggest that a dry gas window with a darker, richer, more organic shale than in the company's other interests.

BNK Petroleum is the sole interest-holder and operator of the Miszewo T-1 well through its wholly owned subsidiary Indiana Investments.