BNK subsidiary acquires Spanish oil and gas concessions

BNK Petroleum subsidiary Trofagas Hidrocarburos has won the Sedano oil and gas concession in Spain.

The concession is located in the autonomous community of Castile and Leon, and covers a total area of 348km^².

The Sedano concession mainly targets shale gas, but also has conventional oil and gas potential.

The primary target in the concession is the Jurassic-aged shale, which ranges in the most prospective areas from 100m to over 200m in gross thickness, at depths of 2,500-4,500m.

Previously drilled wells have shown oil and / or gas in the shale interval, as well as in fractured carbonates, above and below the shale.