Central European Petroleum (CEP) has made a significant oil discovery in the 100 per cent owned and operated Wolin East 1 (WE1) well, located in the Baltic Sea, 6 km offshore from the city of Swinoujscie.

The WE1 well was drilled using a jack-up rig in waters 9.5 m deep and reached a vertical depth of 2,715 m.

Tests confirmed a 62-m hydrocarbon column and excellent reservoir properties for oil and gas production in the Main Dolomite geological formation.

The Wolin East oil discovery is estimated to contain mean recoverable oil, sales gas and natural gas liquids totalling 200 million barrels of oil equivalent (mmboe).

There is also significant further low-risk exploration, appraisal and secondary recovery potential within the license in the Main Dolomite as well as in the deeper Rotliegend formation.

With these opportunities included, the Wolin license in total is estimated to contain more than 400 mmboe of recoverable hydrocarbon resources.

As estimated above, the oil and gas resources in Wolin East constitutes the largest conventional hydrocarbon field yet discovered in Poland, and one of the largest conventional oil discoveries in Europe in the past decade.