Hutton Energy reported an agreement with ExxonMobil Exploration and Production Poland Sp. z o.o (ExxonMobil) to farm into 1.1 million acres comprised of four licenses in the Podlasie Basin in Poland. The transaction is subject to Polish regulatory clearances, and on completion will raise Hutton’s net Polish shale acreage to in excess of 1 million acres, making Hutton a significant player in the exploration of shale gas in Poland.

Under the terms of the agreement, ExxonMobil and Hutton will form four partnerships, to be operated by ExxonMobil and owned 51% by ExxonMobil and 49% by Hutton’s Strzelecki subsidiaries. The concessions covered by the transaction are the Legionowo, Wolomin, Minsk Mazowiecki, and Wodynie-Lukow concessions lying in the heart of the Podlasie Basin. Upon completion of the transaction each concession will be held by a different partnership.

The terms of the concessions envisage that further drilling activity and seismic acquisition will be carried out in the Podlasie Basin.

Hutton Energy, through its subsidiary, Strzelecki Energy, also holds Polish concessions which span three play types: the Silurian acreage is comprised of the South Prabuty and the ExxonMobil licenses, as well as additional areas in a Jurassic play and a Carboniferous play. This diverse portfolio represents four different geological basins and maximises the potential for Hutton’s success in Poland.

Commercial Director David Messina commented: "This transaction reflects our commitment to develop more activities in Polish unconventional gas resources. Hutton are optimistic about the prospects for the Podlasie Basin and its potential impact on Poland’s domestic gas resources.”

Tags: Hutton Energy