Texaco Press Release - Texaco Secures Polish Coal-Bed Methane Concession
FOR RELEASE: TUESDAY, JULY 1, 1997.
WARSAW, POLAND, July 1 - Texaco announced today that its subsidiary Texaco Slask Sp. z.o.o. has been granted a concession of approximately 100 square miles in the Upper Silesian Coal Basin, west of Krakow, in southern Poland to explore for coal-bed methane.
The concession was awarded by Poland's Ministry of Environmental Protection, Natural Resources and Forestry following acceptance of Texaco's work program detailed in the contract the company signed in May this year with the Ministry. The work program has been approved by the Polish Bureau of Geological Concessions as well as 12 local governments whose jurisdiction covers the concession area, in accordance with Polish law.
Commenting on the concession, Louis Joubert, Texaco Manager, Poland, said: "Securing the concession from the Polish government is a significant step forward and means we can now get on with the main business of starting the exploration program. Through the exploration process, we will obtain a better understanding of the geology in the area to help us evaluate the commercial potential of the coal-bed methane."
Preparations for the first step of the exploration program -- appraisal drilling -- will commence immediately, followed later by prolonged testing.
Updated: July 1998