It is understood that during summer of 2018, TDE Services farmed out a majority share (likely also the operatorship) in the PÃ¼spÃ¶kladÃ¡ny contract in eastern Hungary to Hungarian Horizon Energy Group (HHE). According to the available information, the group is planning to commence exploration drilling activity still during late 2018. Further details on the transaction are being sought.  The 878 sq km PÃ¼spÃ¶kladÃ¡ny block is located in the BÃ©kÃ©s, HajdÃºâBihar and JÃ¡szâNagykunâSzolnok political provinces, southwest of the city of Debrecen, within the Hajdusag Sub-basin, tectonic unit of the Pannonian Basin.  Background Information  The PÃ¼spÃ¶kladÃ¡ny contract was granted to PanBridge Hungary Zrt on 15 February 2016. The contract, resulting from the 2015 bid round, is valid for twenty years from the effective date, with one possible 10-year extension. (PanBridge Hungary initially was a joint-venture of TDE Services (15%) and Bankers Petroleum (85%). In 2017, Geo-Jade Petroleum, independent exploration and production company of China, purchased Bankers Petroleum and pulled out of the consortium.)  In the bidding process, PanBridge Hungary pledged to acquire 200 sq km of new 3D seismic data, as well as to drill three vertical exploration wells - to be drilled by 2019 - to assess the potential of the abandoned Biharnagybajom oilfield and surrounding exploration targets. The bid of PanBridge included EUR 2 million signature bonus, with the capital commitment for the concession reaching approximately EUR 14.5 million over the period of contract validity.  In August/September 2016, PanBridge Hungary acquired 230 sq km of new 3D seismic. The new seismic data was co-processed with the vintage 3D data and in early 2017 the entire dataset was interpreted, which resulted in the full coverage of the prospective areas of the PÃ¼spÃ¶kladÃ¡ny area (Biharnagybajom field).  Following the departure of the partner in the consortium, TDE Services was farming out the PÃ¼spÃ¶kladÃ¡ny contract.  The main development phase on the Biharnagybajom oil field spans the period 1940-1950, when 52 vertical wells were drilled. Resulting, 0.35 MMb of light oil and 2 Bcf of gas were produced. Bankers Petroleum is intending to redevelop the field and explore the prospects identified on both historical 2D and 3D seismic.
Hungary (Nagykunsag Sub-basin (Pannonian B.)) Biharnagybajom