www.aurelianoil.com
Aurelian Oil & Gas PLC, was founded in December 2002, and is focused on the re-emerging Central and Eastern European oil and gas markets, the oldest producing oil province in the world.
Current projects span the region from Poland to Bulgaria, with production in Romania, a deep appraisal well drilled on a large structure in Poland in March 2007 to be developed with a further horizontal well to be drilled in 2010, together with exciting exploration prospects including projects in four countries, Romania (4 blocks), Slovakia (3 blocks), Bulgaria (2 blocks) and Poland (14 blocks). Aurelian is the operator in all of these except Bulgaria.
Aurelian Oil & Gas Director buys 50,000 shares in company
Eastern Europe focused junior Aurelian Oil & Gas (AIM: AUL) said its director John Conlin bought 50,000 shares in the company for 36.75 pence, securing an interest of 0.01% in the company.
The purchase price nearly equals yesterday’s closing price of 37 pence.
The company is currently preparing to drill he first multi fracced horizontal well at its flagship project, the Siekierki gas field in Poland, in June 2010 and the first Bieszczady exploration well in the Carpathian Thrust Fold belt in October. The construction of the site for the first horizontal well at Siekierki is nearing completion. Aurelian also plans to drill a similar multi fracced horizontal well at the project.
The Environmental Impact Assessment and technical input to support Planning Approval will be submitted in June, with approvals expected in September. This should then allow a construction permit to be issued by year end to allow construction to start early in 2011. The Siekierki project is located in the Poznan licences, which are 100% held by Energia Zachód, a company owned 90% by Aurelian and 10 percent by Avobone NV. Energia Zachód is operator of the Siekierki project.
Recently completed reservoir modelling of the Trzek-2 area indicates potential recovery at the upper end of the previously estimated 16.5 to 28.6 billion cubic feet (bcf) range.
At Bieszady, Aurelian was allocated a mid case prospective oil resource of 89 mmbbls (million barrels). Aurelian is currently evaluating tenders for a comprehensive seismic programme in the second half of 2010 to be undertaken on the three following licence areas in its Southern Permian Basin and Carpathian Thrust Fold Belt Core Areas.
Drilling at the Cybinka and Torzym license areas in Poland is expected late 2011/early 2012 and will be targeting oil and gas prospects of between 20-40 million barrels of oil equivalent. Cybinka and Torzym are both operated by Aurelian Oil and Gas Poland with a 35 percent interest, GB Petroleum has 25 percent in each, Avobone Poland has 10 percent and S.N.G.N Romgaz S.A. 30%.
Shares in the company added 3.5% today.
