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Jun 30, 2009 12:15PM
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2009) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
LNG Energy Ltd. ("LNG") (TSX VENTURE:LNG) is pleased to provide an update on its option to participate for up to a 12% net interest in a new exploration project with BNK Petroleum Inc. ("BKX") in Poland. LNG acquired its option through its 60% ownership of a private company, ("Privateco") which has an option to participate for up to a 20% interest at BKX's proportional cost.
BKX has announced that its Polish subsidiary, Saponis Investments Sp. z o.o., has been awarded three oil and gas exploration concessions in Poland by the Ministry of Environment. The three concessions, Starogard, Slupsk and Slawno, are located in Northern Poland and total about 720,000 acres. BNK has an 80% working interest in each concession, assuming a previously granted right to participate is exercised by Privateco.
BNK believes that the preliminary data it has analyzed, indicates that the makeup of some of the shales within its Polish Concessions, are silica rich and appear to have thermal maturities and total organic carbon in a range that could make them successful shale gas projects. Over the coming months, BNK intends to do further work by analyzing cores from previously drilled wells to determine the first well location. BNK intends to drill its first well in 2010. Each concession requires the spudding of a well within 18 months of the concession award date. BNK is entertaining partnerships for the exploration phase of this project.