Exploration and Business Development

Through an agreement with Lane Energy, ConocoPhillips is evaluating the shale gas potential of six licenses (encompassing approximately 1.1 million gross acres) in northern Poland.

Following the two vertical wells that were drilled in 2010, two horizontal wells were drilled in 2011. The work program will continue in 2012.

ConocoPhillips has exercised an option on a 500,000 acre position and continues to hold an option on the remaining position. Subject to satisfying certain terms and conditions, ConocoPhillips would assume a 70 percent working interest and operatorship in the concessions.