February 7, 2013 / 9:00 AM / 5 years ago

PGNiG to expand drilling operations overseas

WARSAW, Feb 7 (Reuters) - Polish gas monopoly PGNiG’s drilling business aims to use funds from its planned stock market listing to buy new equipment and expand operations to become a mid-size international onshore player.

PGNiG wants Exalo, previously known as PGNiG Poszukiwania, to make its debut on the Warsaw bourse by the middle of this year as it prepares to boost its presence beyond central and eastern Europe.

“We want to compete with companies that have 80-100 drills, such as Crosco,” Exalo Chief Executive Piotr Truszkowski told Reuters on Thursday.

The business currently has 54 drills and will need to raise significant capital to carry out its oil and gas expansion plans over the next four to five years, with each new drill costing about 80 million zlotys ($26 million).

Exalo is targeting new markets including Russia and India, with the aim of generating half its revenues from overseas operations. ($1 = 3.0804 Polish zlotys) (Reporting Agnieszka Barteczko and Pawel Bernat; Editing by David Goodman)

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