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PGNiG obtains its first shale gas flow

20th March 2013
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Poland's natural gas giant PGNiG said that it obtained shale gas flow at its Lubocino-2H borehole. The company added that testing was still in progress and that it is yet uncertain how much gas the area holds. This should be specified within the next few weeks, PGNiG's press officer Joanna Zakrzewska said.

"This is good news that should encourage investors to look for shale gas in Poland,” Treasury Minister Mikołaj Budzanowski said. He also added that now the company needs to determine exactly how much gas is available and how big its flow rate is.

PGNiG announced Q4 of 2012 and full-year results on Tuesday. The company's Q4 net profit amounted to zł.2,183.2 million, lower than analysts' expectations of zł.2,402 million. Revenue was zł.8,666 million, beating expectations that had put it at zł.8,272 million. In the full year 2012, PGNiG had a net profit of zł.2,236 milllion and a revenue of zł.28,730 million.

Poland A.M.

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