The concessions are directly adjacent to BNK’s Slawno and Slupsk concessions where BNK intends to drill its first well in late second or early third quarter of this year. This first well is part of the farm out whereby BNK is carried for all but 6.67% of the first $25m spent on the project.
The three new concessions bring BNK’s acreage holdings in Europe to approximately three million gross acres and 2.65 million net acres. The company continues to await the awarding of previously submitted applications and is continuing to apply for new concessions in other European basins.
Certain minimum requirements must be fulfilled by BNK to retain its interest in these latest concessions. The minimum requirements consist of conducting geological and geophysical work and the spudding of a well within 18 months of the concession award date. A second well on each concession is required to be completed by March 2013.
