Park Place Energy Corp., Vancouver, (OTCBB: PKPL) has reported that the company had been awarded a concession by the Bulgaria Counsel of Ministers in October 2010. Subsequently, a competitive bidder filed an appeal against the decision.
The commencement of the work program is contingent upon the successful resolution of the appeal before the Bulgarian court. Park Place has retained local legal counsel to assist in achieving a resolution to the dispute issue.
Management believes there is a tremendous natural gas resource potential in the sandstone, coal beds and shale formations in the Vranino Block. Bulgaria has substantial undeveloped unconventional gas resources and is presently a net importer of natural gas at prices approximately 300% higher than in North America.
Recommended Reading
Texas LNG Export Plant Signs Additional Offtake Deal With EQT
2024-04-23 - Glenfarne Group LLC's proposed Texas LNG export plant in Brownsville has signed an additional tolling agreement with EQT Corp. to provide natural gas liquefaction services of an additional 1.5 mtpa over 20 years.
US Refiners to Face Tighter Heavy Spreads this Summer TPH
2024-04-22 - Tudor, Pickering, Holt and Co. (TPH) expects fairly tight heavy crude discounts in the U.S. this summer and beyond owing to lower imports of Canadian, Mexican and Venezuelan crudes.
What's Affecting Oil Prices This Week? (April 22, 2024)
2024-04-22 - Stratas Advisors predict that despite geopolitical tensions, the oil supply will not be disrupted, even with the U.S. House of Representatives inserting sanctions on Iran’s oil exports.
Association: Monthly Texas Upstream Jobs Show Most Growth in Decade
2024-04-22 - Since the COVID-19 pandemic, the oil and gas industry has added 39,500 upstream jobs in Texas, with take home pay averaging $124,000 in 2023.
Shipping Industry Urges UN to Protect Vessels After Iran Seizure
2024-04-19 - Merchant ships and seafarers are increasingly in peril at sea as attacks escalate in the Middle East.