PGNiG finds new deposit in Podkarpackie

WSE-listed gas giant PGNiG has discovered a new gas deposit on its Lubliniec-Cieszanów concession in Podkarpackie voivodship, the company said in a market filing. The deposit is located 700 meters below the surface and its estimated production capacity is at 20 million cubic meters annually. “We use new search methods with great success. We are planning two more exploration wells in this region and then we will be able to determine the resource potential. It will also allow us to develop a strategy for managing these shallow gas horizons,” PGNiG CEO Piotr Woźniak said. The company has recently announced preliminary results of new research on the largest Polish deposit in Przemyśl in Podkarpackie voivodship, which shows that the recoverable resources from this deposit may be higher by almost 25 percent than previously estimated, which may mean an additional 20 billion cubic meters of natural gas.