Wholly owned subsidiary of BNK Petroleum Trofagas Hidrocarburos has been given an oil and gas concession, the company has announced to the oil industry.
Spanning 61,470 acres in the Autonomous Community of Cantabria, Spain, the concession is part of a shale gas target.
The company revealed that certain requirements must be fulfilled as part of the deal, such as conducting geological work and drilling vertical wells.
These minimum targets, BNK highlights, must be met in order for the firm to retain its interest.
"We are very pleased that we have been granted our first concession in Spain and are encouraged by the data we have gathered over the last two years," commented president and chief executive of BNK Wolf Regener.
This additional 61,470 acres increases the company's total European acreage to more than 3.5 million net acres.
BNK Petroleum has conducted research in excess of 30 basins and - including this latest acquisition - currently has reserves in five.
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