After failing to find a joint venture partner for the Slupsk concession in Poland’s Baltic Basin, BNK Petroleum Inc. has filed the paperwork necessary to relinquish the concession and shut down all operations in the country, a news release said.
The discontinuation of the BNK’s operations in Poland, which cost about US $1.7 million in 2015, is expected to result in significant savings after accounting for shut-down costs, the release said.
“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,” BNK CEO Wolf Regener said. “We also will continue our efforts to identify new opportunities in the U.S. and internationally.”
BNK plans to release its fourth-quarter and full-year 2015 financial and operational results as well as the annual reserve report on March 10 after market close.
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