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.
Ambrian Capital awaits Aurelian’s key Trzek-2 result
Ambrian Capital analyst Werner Riding said he was hopeful that Aurelian Oil & Gas (LON:AUL) would report the results from Trzek-2 before Christmas.
Trzek-2 is the first multi-stage fracture stimulated well at the Siekierki tight gas project in Poland.
“We would anticipate the horizontal well bore to be complete within the next few weeks and would expect fracture stimulation operations to commence quickly thereafter,” Riding said.
Aurelian has just raised €100m through a placing.
Riding emphasised that: “Aurelian will be fully funded to drill a further 12 exploration and appraisal wells in addition to the 5 already planned with the aim of aggressively pursuing the value it believes is inherent within its portfolio.”
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.
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.
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."
