POLISH GAS CHAMPION - PGNIG AND PALOMAR NATURAL RESOURCES GROUP SIGN GAS CONTRACT
Polish Oil & Gas Company - PGNiG SA signed commercial agreement with international private E&P Group Palomar Natural Resources for the purchase of natural gas that will be produced at Rawicz Gas Field in western Poland. Palomar became the first independent foreign company in Poland to start large-scale gas production.
Palomar Natural Resources notes a significant exploration success in Poland with the outlook to start natural gas production near term.
Palomar Natural Resources (PNR), a privately owned international oil & gas exploration and production company has successfully completed its testing program of the Rawicz-12 appraisal well located near in Western Poland. Results of the test data gathered to date include a maximum test rate of 5.3 mmscfd (million cubic feet per day) with an average 24 hour steady flow rate of 4.5 mmscfd. The flow rate and pressure data collected prove a significant gas accumulation at the Rawicz field. Estimated Ultimate Recoverable gas is yet to be determined. Successful appraisal of the Rawicz gas field is one of few recent success stories in Poland’s struggling E&P sector. This success opens a broad range of opportunities for future investment in oil and gas in Poland.
Palomar Natural Resources begins exploration works in Poland.
Palomar Natural Resources, an international exploration and production company prospecting for crude oil and natural gas, began the execution of its first borehole in Poland. The natural gas exploratory borehole is localized in Szymanowo, on the concession area of Rawicz. Palomar NR has already invested over 100 million zlotych in assets connected with exploration of hydrocarbons in the territory of Poland. If the results of the works prove positive, the company is planning more investments.