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 completes bookbuild for €95 mln placing
Aurelian Oil & Gas (LON:AUL) announced the successful completion of the bookbuild for the conditional equity placing announced yesterday, which will allow the group to expand its exploration work massively, adding 12 new wells to the original 5 well programme.
A total of 146,889 million new ordinary shares have been placed at 57.5 pence each which will raise approximately €95 million net of expenses, conditional on the approval of shareholders at a general meeting on December 2 2010.
The new shares will represent approximately 30.2 percent of the enlarged share capital.
Aurelian is focused on two core areas - the Southern Permian Basin in Poland and the Carpathian Thrust Fold belt which spans Southern Poland, Slovakia and Western Romania. The Siekierki tight gas project in the Permian Basin is its most advanced asset.
At Siekierki Aurelian is currently drilling Trzek-2 - the first multi fracced horizontal well in Poland.
The company now has an enviable funding position compared to many of its peers in the junior market. Even before this major €95 million capitalisation it already had around €30 million in cash and it recently secured a €75 million credit facility.
Now 2011’s already busy schedule has been taken to a new level entirely.
Chief executive Rowen Bainbridge emphasised yesterday that Aurelian can now capitalise on it first mover advantage.
“Aurelian now has a strong platform to take advantage of a number of exciting opportunities in a stable and energy hungry part of the world,” Bainbridge said.
“The proceeds from this capital raise will ensure that our 17 well exploration and appraisal programme is fully funded thus enabling us to realise the maximum potential of our asset base.”
Bainbridge concluded: “We are now funded to achieve first production from our Siekierki Tight Gas project in Q1 2012 and to create a business of real substance for our shareholders."
