US Company Will Look For Natural Gas Near Bulgaria's Dobrich
The US company Park Place Energy Corp. announced that it has obtained a license from Bulgaria's Ministry of Economy and Energy to explore the Vranino Block near Dobrich for natural gas.
The permit is for a term of five years with up to an additional five years in extensions possible. Upon demonstration of a commercial discovery, the permit can be converted to an exploitation license of up to 35 years in length.
The company is preparing to submit a five-year work program and a more detailed first year work program for government approval. It will use the latest technologies available, including horizontal drilling.
"We are delighted with this development. The signing of the formal license agreement represents a significant milestone for Park Place," said the company's president Scott Larsen in a statement, quoted by The Wall Street Journal.
According to Bulgarian-language media, the Vranino block has been previously explored in the 1960's and the 1980's.
The exploration was renewed in 2000 by the US CBM Energy Limited. In 2008 it applied for the registration of commercial discovery, but its application was formally overruled by Bulgaria's government and the company withdrew from the country.
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