US BNK Petroleum to sell its Poland Slupsk oil gas concession
BNK Petroleum announced that it has filed the paperwork necessary to relinquish the Slupsk concession in the Baltic Basin of Poland and intends to shutdown all operations in Poland.
The Company’s efforts to find a joint venture partner for the Slupsk concession were extensive but unsuccessful, and the relinquishment of the concession and shut down of the Company’s remaining operations in Poland is consistent with the Company’s other cost reduction measures. The discontinuation of the Company’s operations in Poland, which cost about US$1.7 million last year, is expected to result in significant savings after accounting for shut-down costs.
Wolf Regener, President and Chief Executive Officer, commented “In this difficult oil and gas price environment, the closing of our Polish operations considerably adds to our cost reduction efforts. We will continue to focus on our Tishomingo Field, Oklahoma asset, which we believe has great potential and where our existing hedging provides significant additional operating cash flow through 2018 when oil prices are low. We also will continue our efforts to identify new opportunities in the U.S. and internationally.”
The Company plans to release its fourth quarter and full-year 2015 financial and operational results as well as the annual Reserve Report on Thursday, March 10, 2016 after market close.
- The dark side of Rosia Poieni, Europe’s second largest copper mine
- BSG Capital Gabriel Resources owner Steinmetz wanted in Romania
- Polymetal Armenia Does About-Face on Mining Project
- Serbia lead-zinc, copper, gold perspective deposits managed by foreign companies
- Raiden Resources surveys Stara Planina Serbia prospect
- Chinese company Zijin Mining interested in Serbia copper company RTB Bor
- Euromax, Aurubis and Cliveden deal on copper-gold concentrate offtake to Bulgaria smelter
- Flinders Resources Sweden graphite Woxna project to be developed with Chinese partners
- Orsu Metals proceeds with sale of Karchiga Project in Kazakhstan
- Russian Copper Co RCC is planning to expand its mineral resources base in Kazakhstan