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Talisman farms into San Leon Polish shale play
(7/21/2010 - OGI: Calgary) Talisman Energy is planning to drill three wells in northern Poland next year to evaluate potential shale gas deposits in three large blocks in the Baltic Basin together with San Leon Energy.
Tony Atherton, Talisman's manager in Poland, told the Global Shale Gas Summit in Warsaw yesterday that its farm-in with San Leon is a significant investment and commits the company to drilling a minimum of three wells and up to six wells on the three San Leon concessions to prove the shale gas play in the Baltic Basin covering some 600,000 acres. San Leon receives a 40% free carry with the arrangement. Under the terms of the farm-in, Talisman will pay San Leon about US$1.9 million in cash.
Talisman is viewed as the leading international shale gas player and is paying 100% of the cost of a 450-km 2D seismic acquisition by Petroleum Geo-Services (PGS). It is to drill one well per concession to earn 30% interest, drilling at least one 1,000-meter horizontal with two optional 500-meter horizontals proposed. It will also have the option to earn an additional 30% interest, with an additional well option per block.
Atherton said Talisman believes Poland's reserves of shale and tight gas may be as much as 105.9 Tcf, according to estimates by geologists and energy consultants, potentially making the country a net exporter of gas and reducing Europe's dependence on Russia.
The Baltic Basin licenses comprise 600,000 acres where San Leon holds 100% of three concessions including Gdansk-W, Braniewo-S, Szczawno - with a pending application on the Czersk concession. The work program includes 450 km of 2D seismic and three wells (up to 4,500 meters) with a 1,000-meter horizontal section on the Braniewo-S concession to be drilled over next two years. The initial drilling is expected during the second and third quarters of 2011. Additionally, three optional wells with horizontal sections will be drilled on concessions after successful first phase of testing.
Initial technical evaluation of the shale gas potential in the Baltic Basin shows the play to have estimated reserves of 4 to 6 Tcf of recoverable natural gas across San Leon's acreage.
Click here for earlier report.
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