News Release


Palomar Natural Resources begins exploration works in Poland

Warszawa, 20.11.2014

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.

On Thursday, 20 November, in the area of the drilling rig in Szymanowo, an official ceremony to celebrate the beginning of the works took place. Officials, representatives of the local authorities, decision makers as well as contractors took part in the event. The borehole was consecrated by the parish priest of the Rawicz parish.

The company defined the location of the borehole in Szymanowo based on the 3D seismic research carried out in 2011. The exact place of the borehole was planned so that the works would be as little burdensome to the local community as possible. The closest buildings are located within a significant distance from the borehole.

“Palomar Natural Resources is involved in the development of the Polish gas resources in a responsible and eco-friendly way, with the use of the newest global technologies. The gas deposit in Rawicz is an extension of the confirmed production potential of the south basin. We are glad to have the opportunity to cooperate with the Rawicz commune while producing natural resources”
- said John Buggenhagen, General Director of Palomar Natural Resources.

The borehole of a depth of around 1900 meter will be vertical. The planned time to completion is about 40 days. After the works are completed, monthly field tests will be carried out. It will allow to define rock parameters and characteristics of the gas itself. In January next year, after the results are analyzed, the company will make a decision on the next steps. The Polish service company Exalo from PGNiG group is responsible for the completion of borehole works.

Due to the lengthy process of obtaining permits and administrative decisions, Palomar is planning the further designation of the gas already at the drilling stage. Palomar NR is already planning further operations. Under the Poznań Wschód concession, the company intends to conduct exploratory works on the existing boreholes in block 207 by the end of 2014. The aim of the works will be to define the production potential of the deposit in Siekierki. After defining the production size, the company will begin full exploitation of the deposit. Additionally, the company will analyze the nearby waters.

Palomar Natural Resources concentrates on applying modern exploratory and production technologies in order to identify and exploit raw materials. The company has a rich portfolio of assets designated for new ventures in North America, Eastern Europe and the Middle East as well as Africa. The company already owns an exploratory borehole in the Denver basin.

 

Media Contact


Poland

Tomasz Rutkowski
Tomasz Rutkowski
PR and Government Affairs Specialist
trutkowski@palomarnr.com
tel: +48 22 395 62 88
Palomar Natural Resources
ul. Kazimierzowska 43/49
02-752 Warszawa
Polska