First commercial shale gas may be produced in Poland soon

January 24, 2014

Natural gas flowed from the vertical Lewino well in a shale formation in the Baltic Basin in northern Poland at as much as 60,000 cubic feet per day during tests, Dublin-based San Leon, a natural-gas explorer backed by billionaire George Soros and Blackrock Inc., said on January 23, Bloomberg has reported. The company will start drilling a more productive horizontal well no later than July, said Dennis McKee, the chief executive officer of United Oilfield Services Sp. z o.o., which worked on Lewino.

“We’re confident we can show real commercial flow rates,” San Leon Chairman Oisin Fanning said in a telephone interview from London. “If you can prove the shale play in Poland, it will open up in other countries.”

Shares in San Leon rose 8 percent to close at 4.3 pence (7 cents) in London, the biggest one-day gain in four months.

Copyright: Bloomberg, 2014