Enterprise Investors pumps EUR 21 mln into Polish shale

Rumors reported earlier last week that the U.S. private equity fund Enterprise Investors paid EUR 21 mln for a minority stake in oil and gas company United Oilfield Services have been confirmed, the Polish economic daily Puls Biznesu wrote April 19.

United Oilfield Services (UOS) specializes in services related to exploration and exploitation of shale gas and oil resources. The company was only set up a year ago but includes on its staff both Dennis McKee, an American engineer and investor linked to the shale gas sector for 20 years, and Cezary Filipowicz, a Polish geologist and former President Deputy of the Polish oil giant PKN Orlen.

“United Oils Services is my first investment outside of the USA,” Dennis McKee told the newspaper. “I was looking for a market with a stable government and well-qualified staff. And I found Poland.”

UOS does not wish to disclose the exact structure of shareholders, but market experts say that it is mainly owned by players from circles revolving Dennis McKee and the U.S. company, CSL Capital Management.

The company wants to focus on three main branches of services in the shale gas and oil sectors: hydraulic fracturing, drilling and geophysical analyses. It will use the raise capital to invest in new equipment.