Minister of Environment of Poland issues security deposit requirement for Wolin License
On August 1, 2018, the Minister of Environment issued a decision regarding the changes to the license awarded to Central European Petroleum Ltd. on December 1st, 2017. The Minister of Environment placed an obligation on the business entity to establish security for claims that may arise as a result of carrying out activities in the maritime area of the Republic of Poland. All changes made to the license have been introduced in paragraph 22.
For the full "MoE" decision document, click here.
CEP granted affirmative Environmental Decision for seismic acquisition in Poland
The Regional Directorate for Environmental Protection in Szczecin (Regionalna Dyrekcja Ochrony Środowiska w Szczecinie, “RDOŚ”) has granted CEP an affirmative Environmental Decision for acquisition of onshore and offshore seismic in the company’s Wolin Concession.
The Wolin Concession was awarded to CEP by the Ministry of Environment (“MoE”) in December 2017 with the condition that an Environmental Decision be obtained from RDOŚ prior to commencing field operations. Accordingly, a Karta Informacyjna Przedsięwzięć (Project Information Card) detailing the planned 2D and 3D seismic acquisition program was filed at RDOŚ on February 23rd, 2018. Following several months of evaluation and consultation with impacted stakeholders, RDOŚ issued its Environmental Decision on July 31st, 2018.
CEP’s updated Projekt Robót Geologicznych (geological work program, “PRG”), which includes the details of the planned seismic acquisition operations and the conditions of the Environmental Decision, has been filed with the MoE and the company will commence seismic acquisition operations once the MoE has reviewed and approved the update.
For the full Environmental Decision document, click here.
New exploration and production concession: Wolin Block, Poland
Award of Exploration & Production Concession: Wolin Block, Poland
On December 1, 2017, the Polish government signed an agreement awarding Central European Petroleum Ltd. (the “Company”) exclusive rights to explore for, develop, and produce hydrocarbons within the 593 square kilometer Wolin concession, which straddles the Baltic Sea coast adjacent to the Polish/German border. The initial term of the concession is ten years. During the initial five-year exploration phase, the Company is committed to undertake a work program including the acquisition of 2D and 3D seismic data and the drilling of two exploration wells. The Company has a 100% working interest in the concession.
For Concession Agreement click here
For Wolin Map (1:50 000) click here
Securities Advisory. CEP is not a reporting issuer and CEP’s securities are not traded on any stock exchange in any jurisdiction, including without limitation, in Canada or the United States, and thus, is not subject to regulation by any stock exchange. This press release is not an offer of the securities for sale in the United States. The securities of the Company have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
Central European Petroleum Announces Receipt of Guhlen Production License
Calgary, Alberta, Canada – October 16, 2017 – Central European Petroleum Ltd (“CEP” or the “Company”) is pleased to announce that it has formally received sole title to the Guhlen Production License located in the eastern German state of Brandenburg. The Production License is the first to be awarded in eastern Germany since reunification and, at 330.3 square kilometers, is one of the largest in Germany. The initial term of the license is 30 years.
This award of the license is based on the test results obtained from the Company’s Guhlen-1a exploration well, drilled in late 2016, that produced approximately 1,670 BOE per day from a Permian Zechstein Stassfurt carbonate reservoir.
CEP is a private company headquartered in Calgary, Alberta primarily focused on the pursuit of petroleum exploration and production opportunities in Central Europe.
For further information, please contact Dr. Peter Putnam, PhD, P. Geol
Chairman & Chief Executive Officer, Central European Petroleum Ltd, Suite 1000 – 521 3rd Ave SW, Calgary, Alberta, T2P 3T3 T. 403-532-6551, F. 403-532-6554, www.cepetro.com