Polish government awards ten oil & gas concessions to EuroGas

Jul 12, 2000 02:00 AM

EuroGas is pleased to announce that the Ministry of Environmental Protection, Natural Resources and Forestry of the Republic of Poland has awarded 10 concessions to explore and develop oil and gas to EuroGas Polska, wholly owned subsidiary of EuroGas. The granted concessions, No. 23/2000/L to 32/2000/L inclusive, cover 4327 sq km. (approximately 1,050,000 acres).
On May 11th, 2000 at a seminar in Warsaw, an independent group of Polish oil and gas geologists from Polish Oil and Gas Company and Academy of Mining in Cracow, presented its conclusions on a study of the oil and gas potential of the 1,050,000 acre area in Southeast Poland covered by EuroGas' concessions. This study, which has been underway for the past 2 years, identified a total of 12 new exploration targets in a large area in the vicinity of the oil town of Sanok known as the Rymanow-Lesko area. The largest of these targets, at a depth of around 2,000 metres, may contain oil-in-place of up to 47 mm tons (350 mm barrels), or an equivalent in gas. If confirmed, it would be one of the biggest oil and gas discoveries in Central Europe.
EuroGas intends to acquire new seismic data over this large target, currently delineated on five seismic lines, later this year with a view to drill an exploration well on the feature in 2001. EuroGas is currently in discussions with three large oil companies on potential participation with EuroGas in the venture.

The Rymanow-Lesko area, representing over 4,300 sq km of exploration acreage, lies between the prolific Boryslaw oil region of Ukraine and the historic oil-producing region of Krosno in Poland. There are over 25 oil and gas fields in this important portion of the Carpathian Oil thrust belt province; however, much of the area remains to be explored. In the beginning of twentieth century Polish enterprises produced over 2 mm tpy of oil (approximately 15 mm barrels) from these fields. The majority of these oil and gas fields are at shallow depths with deeper potential defined along trend. Thrust belts are immensely important in global oil and gas terms, providing over one quarter of the world's oil and gas production.

EuroGas is an international, independent energy company that controls methane gas concessions in Poland and has oil and gas exploration and development joint ventures in Canada, Poland, the Slovak Republic, Ukraine, and in the Sakha Republic.

Source: Eurogas, Inc.
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