Poland: Saponis Partner Releases Shale Gas Resource Estimates

LNG Energy estimates dwarf PGI figures

LNG Energy has announced estimated resource volumes for Slawno, Slupsk and Starogard concessions in northern Poland.

According to the company, "low estimate of total contingent resources" for all three concessions amount to 4.5 Tscf (126 Bcm) with "high estimate" reaching 13.2 Tscf (370 Bcm).

Those numbers for three concessions only, dwarf estimates announced recently by Polish Geological Institute.

At the end of March the PGI, supported by the United States Geological Survey, placed Poland's entire recoverable reserves in the range of 346 Bcm to 768 Bcm, with the highest estimate as high as 1.9 Tcm

LNG informed that the results were based most significantly on core and log data from three wells: Wytowno S-1, Lebork S-1 and Starogard S-1 on the Slawno, Slupsk and Starogard concessions respectively, while the PGI/USGS  used core samples collected mainly in 60-ties and 70-ties.

The results of the LNG Energy study were completed by RPS Energy Consultants Limited and were prepared in accordance with Canadian National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.

As the announcement explains, "contingent resources are quantities estimated to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies".

LNG has an indirect 20.18% interest in the concessions through its ownership in Saponis Investment Sp. z o.o..  BNK Petroleum holds owns approximately 26.7 per cent of Saponis with remaining ownership held equally by Rohol-Aufsuchungs Aktiengesellschaft,("RAG") Sorgenia E&P SpA. 

To date, there has been no public conformation of the resource figures by BNK, RAG or Sorgenia.