Latest news with #CEP
Globe and Mail
19 hours ago
- Business
- Globe and Mail
Twenty One Expects to Add 5,800 Bitcoin Before Planned Listing, Increasing Holdings to At Least 43,500 BTC
Twenty One Capital, Inc. ('Twenty One' or 'the Company'), the first-ever Bitcoin-native company that expects to be publicly listed at the closing of its previously announced business combination, today announced that, at closing of the business combination, it expects to receive approximately 5,800 additional Bitcoin from Tether, ahead of Twenty One's planned public listing. This brings Twenty One's total holdings at closing to over 43,500 Bitcoin. These figures will make Twenty One the third-largest corporate Bitcoin treasury in the world, with its Bitcoin holdings acquired at a blended average cost of $87,280.37 per Bitcoin. Upon Twenty One's listing at closing of the business combination with CEP, each share of Twenty One is expected to represent approximately 12,559 sats/share. 2 Twenty One will introduce a performance metric based on Bitcoin Per Share (BPS), a transparent metric that reflects the amount of Bitcoin Twenty One holds, that each fully-diluted share of the Company represents. Unlike traditional earnings-per-share models, BPS allows investors to track Bitcoin-denominated performance directly. The Company is built to give shareholders exposure to Bitcoin without the legacy liabilities or dilution risks that can come with operating businesses outside of the Bitcoin ecosystem. 'We believe Bitcoin deserves a public company worthy of its ethos. With the partners, capital, team, and structure we've assembled, we feel like we can do anything, and we're just getting started. Twenty One is a new kind of public company: built on Bitcoin, backed with proof, and driven by a vision to reshape the global financial system. We're not here to beat the existing system, we're here to build a new one,' said Jack Mallers, Co-Founder and CEO of Twenty One. Following the closing of the business combination, Twenty One will hold the Bitcoin held on-balance-sheet as part of the Company's long-term treasury strategy. All of Twenty One's Bitcoin will be custodied transparently and verifiably on-chain, with real time Proof of Reserves available at 'Bitcoin represents more than just a financial asset, it's a foundational protocol for freedom, transparency, and resilience,' said Paolo Ardoino, CEO of Tether. 'Twenty One captures that ethos in corporate form. By anchoring its model entirely to Bitcoin, it breaks from legacy financial conventions and points toward a future where value is truly sovereign. This is the kind of vision we're proud to support.' As noted in the April announcement of the business combination between Twenty One and Cantor Equity Partners, Inc. ('CEP') (Nasdaq: CEP), a special-purpose acquisition company (SPAC) sponsored by an affiliate of Cantor Fitzgerald, at closing, Twenty One will be majority-owned by Tether and Bitfinex, with a significant minority stake held by SoftBank Group Corp. ('SoftBank Group'). The remainder of the equity will be held by PIPE investors, public shareholders of CEP and Cantor Fitzgerald, CEP's sponsor. Twenty One has made a confidential submission of a draft registration statement on Form S-4 with the U.S. Securities and Exchange Commission ('SEC'). Twenty One will seek to trade under the ticker symbol 'XXI' upon the closing of the business combination. The completion of the business combination is subject to customary closing conditions, including the approval of CEP's shareholders. The 5,800 additional Bitcoin relates to Tether's previously disclosed purchase of 1,381 Bitcoin pursuant to subscription agreements dated June 19, 2025 between the Company, CEP and certain investors and Tether's pre-existing obligation to purchase 4,422 Bitcoin pursuant to the terms of the business combination agreement with CEP. About Twenty One Capital, Inc. At closing, Twenty One will be a newly formed operating company focused exclusively on Bitcoin-related business lines that, among other things, offer shareholders a differentiated opportunity to gain exposure to Bitcoin through the equity markets. With a Bitcoin-native operating structure and a strategy designed to deliver long-term value, Twenty One intends to become a leading vehicle for capital-efficient Bitcoin accumulation and related business development. About Cantor Equity Partners, Inc. Cantor Equity Partners, Inc. (Nasdaq: CEP) is a special purpose acquisition company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or other similar business combination with one or more businesses or entities. CEP is led by Chairman and Chief Executive Officer Brandon Lutnick and sponsored by an affiliate of Cantor Fitzgerald. About Cantor Fitzgerald, L.P. Cantor Fitzgerald, with more than 14,000 employees, is a leading global financial services and real estate services holding company and a proven and resilient leader for more than 79 years. Its diverse group of global companies provides a wide range of products and services, including investment banking, asset and investment management, capital markets, prime services, research, digital assets, data, financial and commodities brokerage, trade execution, clearing, settlement, advisory, financial technology, custodial, commercial real estate advisory and servicing, and more. About Tether Tether is a pioneer in the field of stablecoin technology, driven by an aim to revolutionize the global financial landscape. With a mission to provide accessible and efficient financial, communication, artificial intelligence, and energy infrastructure, Tether enables greater financial inclusion, and communication resilience, fosters economic growth, and empowers individuals and businesses alike. As the creator of the largest, most transparent, and liquid stablecoin in the industry, Tether is dedicated to building sustainable and resilient infrastructure for the benefit of underserved communities. By leveraging cutting-edge blockchain and peer-to-peer technology, it is committed to bridging the gap between traditional financial systems and the potential of decentralized finance. Additional Information and Where to Find It Twenty One and Twenty One Assets, LLC intend to publicly file with the SEC a Registration Statement, which will include a preliminary proxy statement of CEP and a prospectus (the 'Proxy Statement/Prospectus') in connection with the proposed business combination between CEP and Twenty One (the 'Business Combination') and certain convertible senior secured notes offering and common equity PIPE financings (the 'PIPE Offerings' and, together with the Business Combination, the 'Proposed Transactions'). The definitive proxy statement and other relevant documents will be mailed to shareholders of CEP as of a record date to be established for voting on the Business Combination and other matters as described in the Proxy Statement/Prospectus. CEP and/or Twenty One will also file other documents regarding the Proposed Transactions with the SEC. This press release does not contain all of the information that should be considered concerning the Proposed Transactions and is not intended to form the basis of any investment decision or any other decision in respect of the Proposed Transactions. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SHAREHOLDERS OF CEP AND OTHER INTERESTED PARTIES ARE URGED TO READ, WHEN AVAILABLE, THE PRELIMINARY PROXY STATEMENT/PROSPECTUS, AND AMENDMENTS THERETO, AND THE DEFINITIVE PROXY STATEMENT/PROSPECTUS AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH CEP'S SOLICITATION OF PROXIES FOR THE EXTRAORDINARY GENERAL MEETING OF ITS SHAREHOLDERS TO BE HELD TO APPROVE THE PROPOSED TRANSACTIONS AND OTHER MATTERS AS DESCRIBED IN THE PROXY STATEMENT/PROSPECTUS BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT CEP, TWENTY ONE, TWENTY ONE ASSETS, LLC AND THE PROPOSED TRANSACTIONS. Investors and security holders will also be able to obtain copies of the Registration Statement and the Proxy Statement/Prospectus and all other documents filed or that will be filed with the SEC by CEP and Twenty One, without charge, once available, on the SEC's website at or by directing a request to: Cantor Equity Partners, Inc., 110 East 59th Street, New York, NY 10022; e-mail: CantorEquityPartners@ or upon written request to Twenty One Capital, Inc., via email at info@ respectively. NEITHER THE SEC NOR ANY STATE SECURITIES REGULATORY AGENCY HAS APPROVED OR DISAPPROVED THE PROPOSED TRANSACTIONS DESCRIBED HEREIN, PASSED UPON THE MERITS OR FAIRNESS OF THE BUSINESS COMBINATION OR ANY RELATED TRANSACTIONS OR PASSED UPON THE ADEQUACY OR ACCURACY OF THE DISCLOSURE IN THIS PRESS RELEASE. ANY REPRESENTATION TO THE CONTRARY CONSTITUTES A CRIMINAL OFFENSE. The convertible notes of Twenty One and the CEP Class A ordinary shares to be issued in the PIPE Offerings have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act. Participants in the Solicitation CEP, Twenty One, Twenty One Assets, LLC and their respective directors, executive officers, certain of their shareholders and other members of management and employees may be deemed under SEC rules to be participants in the solicitation of proxies from CEP's shareholders in connection with the Proposed Transactions. A list of the names of such persons, and information regarding their interests in the Proposed Transactions and their ownership of CEP's securities are, or will be, contained in CEP's filings with the SEC, including CEP's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 28, 2025. Additional information regarding the interests of the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of CEP's shareholders in connection with the Proposed Transactions, including the names and interests of the directors and executive officers of CEP, Twenty One and Twenty One Assets, LLC will be set forth in the Registration Statement and Proxy Statement/Prospectus, which is expected to be filed with the SEC. Investors and security holders may obtain free copies of these documents as described above. No Offer or Solicitation The information contained in this press release is for informational purposes only and is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Proposed Transactions and shall not constitute an offer to sell or exchange, or a solicitation of an offer to buy or exchange the securities of CEP, Twenty One or Twenty One Assets, LLC, or any commodity or instrument or related derivative, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, sale or exchange would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act or an exemption therefrom. Investors should consult with their counsel as to the applicable requirements for a purchaser to avail itself of any exemption under the Securities Act. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of the U.S. federal securities laws with respect to the Proposed Transactions involving CEP, Twenty One and Twenty One Assets, LLC, including expectations, intentions, plans, prospects regarding CEP, Twenty One, Twenty One Assets, LLC and the Proposed Transactions, including Twenty One's BPS and long-term treasury strategy, ability to give its shareholders exposure to Bitcoin, the custody and proof-of-reserves of Twenty One's Bitcoin holdings and statements regarding the anticipated timing of the completion of the Proposed Transactions, and the satisfaction of closing conditions to the Proposed Transactions. These forward-looking statements generally are identified by the words 'believe,' 'project,' 'expect,' 'anticipate,' 'estimate,' 'intend,' 'strategy,' 'future,' 'opportunity,' 'potential,' 'plan,' 'may,' 'should,' 'will,' 'would,' 'will be,' 'will continue,' 'will likely result,' and similar expressions. Forward-looking statements are predictions, projections and other statements about future events or conditions that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: the risk that the Proposed Transactions may not be completed in a timely manner or at all, which may adversely affect the price of CEP's securities; the risk that the Proposed Transactions may not be completed by CEP's business combination deadline; the failure by the parties to satisfy the conditions to the consummation of the Business Combination, including the approval of CEP's shareholders, or any of the PIPE Offerings; failure to realize the anticipated benefits of the Proposed Transactions; the level of redemptions of CEP's public shareholders which may reduce the public float of, reduce the liquidity of the trading market of, and/or maintain the quotation, listing, or trading of the CEP Class A ordinary shares or the shares of Twenty One's Class A Stock; the lack of a third-party fairness opinion in determining whether or not to pursue the Business Combination; the failure of Twenty One to obtain or maintain the listing of its securities on any securities exchange after closing of the Proposed Transactions; costs related to the Proposed Transactions and as a result of becoming a public company; changes in business, market, financial, political and regulatory conditions; risks relating to Twenty One's anticipated operations and business, including the highly volatile nature of the price of Bitcoin; the risk that Twenty One's stock price will be highly correlated to the price of Bitcoin and the price of Bitcoin may decrease between the signing of the definitive documents for the Proposed Transactions and the closing of the Proposed Transactions or at any time after the closing of the Proposed Transactions; risks related to increased competition in the industries in which Twenty One will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding Bitcoin; risks relating to the treatment of crypto assets for U.S. and foreign tax purposes; risks that after consummation of the Proposed Transactions, Twenty One experiences difficulties managing its growth and expanding operations; the risks that growing Twenty One's learning programs and educational content could be difficult; challenges in implementing Twenty One's business plan including Bitcoin-related financial and advisory services, due to operational challenges, significant competition and regulation; the outcome of any potential legal proceedings that may be instituted against CEP, Twenty One, Twenty One Assets, LLC or others following announcement of the Proposed Transactions, and those risk factors discussed in documents that CEP, Twenty One and/or Twenty One Assets, LLC filed, or that will be filed, with the SEC. The foregoing list of risk factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the ' Risk Factors ' section of the final prospectus of CEP, dated as of August 12, 2024 and filed by CEP with the SEC on August 13, 2024, CEP's Quarterly Reports on Form 10-Q, CEP's Annual Report on Form 10-K and the Registration Statement that will be filed by Twenty One and Twenty One Assets, LLC and the Proxy Statement/Prospectus contained therein, and other documents filed by CEP, Twenty One Assets, LLC and Twenty One from time to time with the SEC. These filings do or will identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. There may be additional risks that neither CEP, Twenty One Assets, LLC nor Twenty One presently know or that CEP, Twenty One and Twenty One Assets, LLC currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and each of CEP, Twenty One and Twenty One Assets, LLC assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither CEP, Twenty One nor Twenty One Assets, LLC gives any assurance that either CEP, Twenty One or Twenty One Assets, LLC will achieve its expectations. The inclusion of any statement in this press release does not constitute an admission by CEP, Twenty One or Twenty One Assets, LLC or any other person that the events or circumstances described in such statement are material.
Newsweek
6 days ago
- Business
- Newsweek
Poland Strikes It Rich With Largest Ever Oil Discovery
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The discovery in Poland of one of Europe's most significant conventional oil finds in a decade has been welcomed as a step toward energy security in the NATO country. Central European Petroleum (CEP), a Calgary-based company with Norwegian backing, announced the find at the Wolin East 1 (WE1) well, four miles from the Baltic Sea port city Świnoujście in the northeast of the country. However, energy expert Thomas O'Donnell told Newsweek Thursday that the discovery was "not a game changer." Nevertheless, one think tank in Germany has warned that the discovery could come with substantial costs to tourism and environmental protection. When contacted by Newsweek, the Polish foreign ministry referred to foreign minister Radosław Sikorski's X post that said: "God probably really loves the (coalition) government." Crude oil tanks are seen near a cemetery a few dozen kilometers from Gdansk in Poland on June 6, 2022. Crude oil tanks are seen near a cemetery a few dozen kilometers from Gdansk in Poland on June 6, It Matters In a statement to Newsweek, CEP said that once the Wolin East deposit is officially confirmed it will be Poland's largest oil and associated natural gas field. With the potential to more than double Poland's current estimated oil reserves, it will boost the energy security of a NATO member on the alliance's eastern flank and diversify its fuel sources. What To Know CEP, which holds a 100 percent stake in the Wolin lease area, said it had made a significant oil discovery in the Wolin East 1 (WE1) well, about four miles offshore from the city of Świnoujście on the Baltic Sea. Preliminary estimates suggest the site contains 22 million tons of recoverable crude oil and condensate, along with 5 billion cubic meters of commercial-grade natural gas. These make it the most significant conventional oil discovery in Poland's history and one of the most significant in Europe in recent years. Berlin-based energy expert Thomas O'Donnell told Newsweek the site may produce up to 35,000 barrels a day which is "a fairly good sized well in Texas, but that's not a game changer" amid estimates that this would provide five percent of Poland's needs. However, there could be further oil to discover and the find showed Poland's commitment to find indigenous sources of oil and gas. Poland is a net importer of oil and so the more it can produce itself, the more it will help with the country's balance of payments. This has knock-on benefits in terms of the price of goods and curbing inflation, O'Donnell said. Increased oil production offshore will also focus minds on how to protect energy assets in the Baltic Sea from sabotage, following a number of attacks blamed on Moscow recently, he added. However, the German Institute for Economic Research (DIW) has warned that exploiting the discovery in Poland's section of the Baltic Sea could come with substantial costs to tourism and environmental protection. DIW researcher Claudia Kemfert said in a statement that any accidents would come with high cross-border clean-up costs and fossil energy extraction "runs counter to climate protection targets" and so "extraction therefore cannot be recommended." What People Are Saying Rolf G. Skaar, CEO of CEP said in a statement: "We view this discovery as a foundation for long-term, responsible development of Poland's offshore resources. Wolin East is more than just a promising field – it represents a shared opportunity to unlock the full geological and energy potential of the Baltic Sea." Polish Foreign Minister Radosław Sikorski said on X, formerly Twitter: "Sławosz flies to space, Iga wins Wimbledon, the EU predicts a ton of money for (Poland) and now this too. God probably really loves the KO-PSL-PL2050-Lewica (coalition) government." As well as referring to the oil discovery, the post also mentions Polish astronaut Sławosz Uznański-Wiśniewski and tennis player Iga Swiatek. Energy analyst Thomas O'Donnell told Newsweek: "This is not a game changer, but as far as politics is concerned this shows Poland's commitment to find oil and gas wherever it can." DIW researcher Claudia Kemfert said in a statement that the environmental costs "outweigh the benefits. Extraction therefore cannot be recommended." What Happens Next Further geological documentation must be prepared, submitted, and approved before extraction can start. Piotr Woźniak, former CEO of Polish oil and gas company Polskie Górnictwo Naftowe i Gazownictwo (PGNiG), told Euronews CEP will want to raise funds quickly and document the deposit so that it has full rights to it and the legal ability to exploit it. However, there is also a potential environmental challenge from a German organization, Lebensraum Vorpommern, over concerns about the potential impact of gas extraction.
Russia Today
7 days ago
- Business
- Russia Today
German officials attack Polish Baltic Sea oil drilling plan
German officials and environmental groups have hit out at Polish plans to develop a newly discovered oil and gas field in the Baltic Sea, warning of potentially 'catastrophic' damage to local ecosystems, local media reported on Tuesday. Canadian company Central European Petroleum (CEP), which has held exploration rights off Poland's western coast since 2017, announced the discovery of the Wolin East deposit on Monday, describing it as Poland's largest hydrocarbon discovery and one of the biggest in Europe in a decade. The deposit lies 6km off the port of Swinoujscie on the Polish-German border, which divides an island shared by the two countries, known in Germany as Usedom, and is renowned for its holiday resorts. CEP estimates recoverable reserves at over 33 million tons of oil and 27 billion cubic meters of gas, with production potential of more than 400 million barrels of oil equivalent. German officials, however, fear the project will harm local tourism and ecosystems. Mecklenburg-Western Pomerania Environment Minister Till Backhaus told Die Welt the plans run 'counter to the environmental and tourism interests of the German side,' and criticized Poland for not informing Berlin of exploration 'with potentially transboundary environmental impacts' in advance, allegedly in violation of cross-border environmental agreements. Concerns have also been raised about noise, vibrations, and possible damage to marine flora and fauna. In an interview with Bild news outlet, Laura Isabelle Marisken, mayor of the Heringsdorf resort on Usedom, called for clarification from the Polish government and protection from Berlin, stating the area was 'not a place for industrial-political poker games.' Environmental group Lebensraum Vorpommern accused Poland of 'destroying the nature-protected Wolin Baltic Sea coast' and warned of an 'environmental catastrophe.' It said it plans to sue the Polish government. There has so far been no official reaction to the planned extraction from Berlin. Poland considers the discovery a 'breakthrough' that could reduce its reliance on energy imports. Undersecretary of State and Chief Geologist Krzysztof Galos said the deposit may cover 4-5% of annual oil demand, with production starting in 3-4 years, pending permits. The EU has been scrambling to replace Russian energy after supplies dwindled due to Ukraine-related sanctions. Moscow has denounced the restrictions as illegal, warning the bloc will be forced to rely on more expensive alternatives or indirect imports.
Yahoo
22-07-2025
- Business
- Yahoo
German officials up in arms over oil, gas deposit found in Poland
Local politicians in north-eastern Germany were up in arms on Tuesday, after news broke that a major oil and gas deposit has been discovered in neighbouring Poland, with some experts also cautioning against extraction. The find off the Polish Baltic coast by Canadian company Central European Petroleum (CEP) was hailed as a possible "breakthrough moment" in Poland, but officials across the border in Germany were quick to point out that extracting fossil fuels should not take priority in times of climate change. "Our future does not lie in oil from the Baltic Sea, but in energy from the sun, wind and biomass," said Till Backhaus, environment minister of the coastal state of Mecklenburg-Vorpommern, which borders Poland. "The project stands for a backward-looking industrial policy in terms of climate policy, which is contrary to the interests of the environment and tourism on the German side," he added. Major breakthrough? The Wolin East offshore oil field discovered by CEP is said to be located around 6 kilometres from the port city of Świnoujście on the fringes of north-western Poland. Parts of the city are located on the island of Usedom, which is divided between Germany and Poland. According to the results of test drilling, the recoverable reserves of crude oil and natural gas are estimated at 200 million barrels of oil equivalent. CEP said the Wolin East site is estimated to represent "the largest conventional hydrocarbon field" ever discovered in Poland and "one of the largest conventional oil discoveries in Europe in the past decade." If the deposit is confirmed, this "may prove to be one of the breakthrough moments in the history of hydrocarbon exploration in Poland," said the country's chief national geologist Krzysztof Galos. "The future development of this site may significantly contribute to strengthening Poland's energy security and reducing its dependence on external hydrocarbon suppliers," he told news agency PAP. Mining could begin in three to four years, with the field estimated to be able to cover 4% to 5% of Poland's annual oil demand for several years, according to Galos. CEP has held a licence for exploration off the western Polish coast since 2017. Officials and experts sound alarm Officials in the German part of Usedom were less euphoric, however, with the mayor of the town of Heringsdorf noting the area's status as a nature conservation area. "We are a spa and holiday resort. We do everything we can to keep our beaches, our town and the sea clean," said Laura Isabelle Marisken. "Heavy industrial gas and oil extraction right on our doorstep, it's obvious that this is a massive intrusion into our natural environment." The German Institute for Economic Research also advised against exploiting the oil field, noting not only possible considerable negative consequences for tourism, but also the risk of cross-border pollution caused by an accident. "In addition, the promotion of fossil fuels thwarts climate protection goals," said Claudia Kemfert, head of the institute's Energy, Transport and Environment Department. "The costs and benefits [of the project] are therefore disproportionate."
Euronews
22-07-2025
- Business
- Euronews
What could biggest oil discovery in Poland's history mean for Europe?
Central European Petroleum (CEP) has announced the largest ever oil discovery in Poland's history near Wolin Island. Discovered about six kilometres from Świnoujście, a Baltic Sea port city in Poland's northwest, the well could hold 22 million tonnes of recoverable crude oil and condensate, along with 5 billion cubic metres of commercial-grade natural gas. The broader concession area, spanning 593 square kilometres, is estimated to contain over 33 million tonnes of oil and condensate, as well as 27 billion cubic metres of gas. That would more than double Poland's current estimated oil reserves, which stood at around 20.2 million tonnes in 2023, according to Polish public broadcaster TVP. On Monday, CEP asserted that Poland would have priority in benefiting from the oil and gas it produces. "This is some kind of nonsense" Piotr Woźniak, former CEO of Polish oil and gas company Polskie Górnictwo Naftowe i Gazownictwo (PGNiG), said in an interview with Euronews. According to 2019 data, PGNiG produced 1.2 million tonnes of oil in Poland and abroad. "The priority is not Poland, it is not Russia, it is not Sudan or the Ivory Coast. The priority is given to whoever discovers the mineral. If it is discovered by this company, it has priority over all others. Except that it must first document the deposit. This is what European law states," Woźniak said. "They care about cash, not about any nation. They can sell it to whoever they want. Of course, with all the international considerations, they can't sell it to the Russians or the Medellin cartel in Colombia either, because everyone would be furious," he added. 'Showing off' in front of a possible buyer Woźniak said that CEP will want to raise funds as soon as possible. "It needs to document that deposit of its own so that it has full rights to it and the legal ability to mine it. It has to drill, and to drill, it has to spend money," he said. "They're kind of flaunting themselves here in front of a possible buyer, because they know that we [in Poland] want to have diversification of sources, that we're betting on — at least from the rationale you hear from the government administration — our own resources," Woźniak added. "They should be congratulated because it rarely happens in such quantities, it is all the more reason to congratulate them," the former CEO of PGNiG said. Woźniak was critical of the sluggishness of the Polish state-owned company Orlen, which took over PGNiG in 2022 and had a chance to uncover the resources that CEP can now extract. "Orlen has not produced a single cubic metre of gas and not a single barrel of oil in Poland. For 14 years they did nothing, taking obviously fat money, neither under one government, nor under another, nor under a third. Nothing came of it," he says. "How did a company the size of CEP, which fits in a liquor glass, discover huge resources, where was the state then?" asks Wozniak rhetorically, referring to Orlen. Will it help to become independent from Russia? According to Woźniak, the extraction of deposits from the wells discovered by CEP will not shake up the European energy balance. Yet Poland itself may do so, he said. The deposits may reach 22 million tonnes of oil, and, as the expert emphasised, "the processing capacity of Polish refineries is about 24 million tonnes of crude oil a year, which is the amount we are able to process within Poland's borders". Polish energy analyst and journalist Wojciech Jakóbik told Euronews that from "the point of view of a major energy policy — this is not a breakthrough". "But from the point of view of investment in the Baltic Sea — yes, because it is several times more than we are currently extracting in the Baltic Sea," Jakóbik said. "It is also a positive investment signal that there could be more of these deposits, that it pays to look for raw materials in our basin, so who knows if there won't be more news on this from other investors. "Investors have moved to look for hydrocarbons all over Europe. Poland is not isolated. We hear, for example, that Germany, in cooperation with the Dutch, wants to extract hydrocarbons in the North Sea and beyond. "This is further evidence that we have a change in Europe. Tough security is making us look again more favourably at gas and oil extraction from Europe," Jakóbik added.
