Poland's Petrolinvest plans output at minimum of 5,600 bpd by end-2008

WARSAW (Thomson Financial) - Polish oil exploration venture Petrolinvest plans to produce at least 5,600 barrels of oil per day from deposits in Kazakhstan, the company's chief executive said today.

A report by consultants McDaniel and Associates last week showed that Petrolinvest, which floated its shares last year and has yet to produce oil, has prospective resources of 1.09 bln barrels in its holdings in Kazakhstan.

'2008 is to be the year when we (start) producing,' CEO Pawel Gricuk told a news conference.

'Our two drivers will be contracts in western and central Kazakhstan. I plan the minimum output at 5,600 barrels per day.'

The company also said it plans to spend another 60 mln usd on investments this year.

Source: by Adrian Krajewski, forbes.com