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Gold/Mining/Energy : Big Dog's Boom Boom Room
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From: Eric6/17/2012 12:47:15 AM
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Report: Exxon Calls it Quits on Polish Shale Gas



Exxon Mobil Corp has reportedly ended its search for shale gas in Poland after drilling at two sites failed to yield commercial gas flows, reports Polish newpaper Gazeta Wyborcza citing Exxon spokesman Adam Kopysc.

“Ending shale gas exploration in Poland means pulling out of further operations,” the newspaper quoted Kopysc as saying.

Exxon had drilled and undertaking hydraulic fracturing operations at its Krupe 1 at the Chelm concession and Siennica 1 well at the Minsk Mazowiecki concession.

News of the disappointing results were made public in January of this year. Discussing fourth-quarter results with analysts, David Rosenthal, Exxon Vice President for Investor Relations, said that the two wells completed in the fourth quarter showed insufficient flow.

However, it was anticpated that Exxon Mobil would continue it exploration efforts, with Rzeczpospolita reporting in
February that comapny would drill at least six shale gas exploratory wells between the third quarter of 2012 and the third quarter of 2013.

Exxon Mobil holds six licenses in Poland: the Chelm and Werbkowice exploration concessions in the Lublin basin in central Poland together with Total and four concessions (Legionowo, Wolomin, Minsk Mazowiecki, and Wodynie-Lukow,) in the Podlasie basin with Hutton Energy.

naturalgaseurope.com
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