PGNiG acquires exploration interest in Denmark

PGNiG signed an assignment agreement for 40 percent interest in an exploration and production licence in Denmark held by Willumsen Exploration Consultants ApS.

This means that the Company will start exploration activity in prospective areas of Denmark, as well as the cooperation with Danish companies Odin Energi A/S and Nordsofonden.

According to experts, the licence offers good prospects for discovery of crude oil fields in the Main Dolomite formation - similar to the one where the fields in the Gorzów and Pomeranian regions are located.

In Germany, 13 oil and gas fields are located in a corresponding zone (including Grimmem and Reinkenhagen fields), and further to the east, there are the Polish fields of Wysoka Kamieńska, Kamień Pomorski, Maszewo. On the opposite, southern boundary of the basin, there are there are the fields of the Gorzów region, and further to the west - numerous German and Dutch fields.

The proposal for acquisition of 40 percent interest and taking over of the operatorship under the licence 1/5 located in the southern part of Denmark, close to the German border, was received by PGNiG in August last year. The licence belongs to WeXco - Willumsen Exploration Consultants Aps holding 40 percent interest and Odin Energi A/S, also with 40 percent interest. In accordance with the Danish law, the remaining 20 percent interest is held by the Danish governmental firm Nordsofonden, which covers its share of the exploration costs under the licence on an ongoing basis.