Regulators Approve Hutton-Exxon Shale Deal
Poland’s antitrust regulator, UOKiK, has given approval to a joint venture between the Polish arm of Exxon Mobil Corp. and Hutton Energy Plc. to explore for shale gas in Podlasie basin region of Poland.
Under the terms of the agreement signed in August, ExxonMobil and Hutton will form four partnerships, to be operated by ExxonMobil and owned 51% by ExxonMobil and 49% by Hutton, through its subsidiary, Strzelecki Energy.
The concessions covered by the transaction are the Legionowo, Wolomin, Minsk Mazowiecki, and Wodynie-Lukow, lying in the heart of the Podlasie Basin.
Hutton focuses on exploring and developing unconventional hydrocarbon resources in Europe, specifically targeting areas that are prospective for shale gas. In addition to the Exxon interests, Hutton holds 100% of a number of Polish concessions, which in total net in excess of 1 million acres.
Related Reading: Shale Dream Team