(5,56 PLN, -4,14%) has taken over its Lubiatow-Miedzychod-Grotow (LMG) mine from the general contractor, a consortium with listed builder PBG, the firm said.
The site was handed over to 20 days ahead of schedule and in line with the planned budget, the company added. In the initial years of operation the mine will be producing around 100mcm of natural gas and around 300kt of crude oil a year, said. Test production at LMG started in December 2012, with production reaching 1kt of crude oil a day in February, the statement also read.
This latest development has been broadly anticipated by the market hence it is neutral for the investment case. Nevertheless, bringing the project onstream ahead of schedule and without cost overruns underlines the company’s solid know-how in project management.