TriOil Resources Ltd. changes its name to ORLEN Upstream Canada Ltd.
TriOil Resources Ltd., a Canadian subsidiary of the ORLEN Group, will now operate under the name of ORLEN Upstream Canada Ltd.
The change of name is consistent with the strategy of building uniform corporate identity of the ORLEN Group and will improve the recognition of the ORLEN brand on the Canadian market, where the Company plans to expand its investment activities in hydrocarbon exploration and production. The ORLEN Group's Canadian assets are concentrated around Lochend, Kaybob Pouce Coupe and Ferrier/Strachan production areas located in the province of Alberta, with the total production capacity estimated at 50 million boe of proved and probable reserves (2P). In Q4 2014, the average output of crude oil and natural gas reached approximately 8,400 boe/d. Apart from its presence in Canada, in Q1 2015 the Company also continued the efforts to expand its upstream segment in Poland. In mid March, ORLEN Upstream completed drilling work on the Pęclin-OU1 well in Kąck, Wiązowna commune. The well was drilled down to a depth of 3,812 metres. The drilling work continued for a total of 75 days. 236 hundred metres of core samples were collected for analysis from the well. Demobilisation of the drilling rig is currently taking place at the site in Kąck. In recent weeks, ORLEN Upstream also performed seismic surveys in the Sieradz licence area.