WARSAW. JUNE 19. INTERFAX C.NTRAL EUROPE - Polish energy start-up Petrolinvest estimated that potential oil resources from 10 current exploration concessions come to several billions of barrels oil - although no oil has been confirmed in the areas where the company has been granted access, Petrolinvest CEO Pawel Gricuk told a press conference on Tuesday.
"We estimate that potential crude oil resources on our largest concession, OTG [in Kazakhstan], could amount to several million to several billion barrels, but the estimated resources in all of our concessions should be considered to equal several billions of barrels of oil," Gricuk said.
"Currently we do not have any confirmed oil resources," he added.
Petrolinvest, which is planning to debut on the Warsaw Stock Exchange in order to cover some of the company's investment and exploration plans, intends to invest USD 215.5 mln into exploration in 2007.
"We have already closed the financing of the investment program in 2007," Gricuk said. "Approximately, up to USD 100 mln will come in the form of bank loans while the remaining amount will be provided by our investors, Prokom Investments and [Prokom Software CEO] Ryszard Krauze."
The company's investments in 2008 are unspecified, as their level depends mainly on the exploration works conducted in 2007.
"We did not say about 2008 investment plans purposely as they will depend on what will happen in 2007," Gricuk said. "If the first wells in the OTG concession [in Republic of Komi] are successful, then four others will follow next year, etc,"
Petrolinvest, which thus far invested USD 200 mln in the concessions in Kazakhstan and Russia, has plans to invest USD 150-160 mln by the end of 2007.
Petrolinvest purchased 50-59.99% share stakes in seven companies which own a total of 10 concessions to explore oil fields in Kazakhstan and Russia's Republic of Komi.