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Britain's San Leon, Baker Hughes target Polish shale

Feb. 12, 2014 at 7:27 AM   |   Comments

LONDON, Feb. 12 (UPI) -- British energy company San Leon said Wednesday it signed a letter of intent with U.S. oil services provider Baker Hughes to develop Polish shale gas.

A letter of intent from Baker Hughes outlined funding for the production strategy for the Siekierki natural gas field in Poland. Development plans call for production from four existing natural gas wells.

"This is a real milestone for San Leon and could lead to the company's first significant production in Poland," San Leon Executive Chairman Oisin Fanning said in a statement Wednesday.

Neither side offered an estimate of how much Baker would provide in terms of funding for Polish shale development.

"Subject to finalization of the funding mechanism, Baker's funding may be in the form of cash, in-kind oilfield services, or a combination of both," San Leon said.

Poland is among the Eastern European countries expected to hold significant deposits of natural gas locked in shale formations.

San Leon said the field is estimated to hold as much as 4 trillion cubic feet of natural gas.

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