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Market: AIM
Sector: Energy
EPIC: AUL
Latest Price: 16.63p  (1.53% Ascending)
52-week High: 73.00p
52-week Low: 15.50p
Market Cap: 82.19M
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Aurelian Oil & Gas
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.

Full Aurelian Oil & Gas profile here
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Lord Sainsbury's boardroom representative quits Aurelian

15th Dec 2010, 8:28 am Last month Aurelian raised £84 million from investors to fund an expanded exploration programme focused on two core areas - the Southern Permian Basin in Poland and the Carpathian Thrust Fold.

Aurelian Oil & Gas (LON:AUL)  said that Lord Sainsbury’s boardroom representative quit the company yesterday after the grocery tycoon’s stake in the company fell to 4.51 percent from 19.65 percent.

Nicholas Coats has been a director of the group since June last year. 

Aurelian chairman John Conlin said: “Nick has added a great deal to the board of Aurelian during his tenure and we are extremely grateful for his contribution.”

Last month Aurelian raised £84 million from investors to fund an expanded exploration programme 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 the equity fundraiser it had around £25 million in cash and it recently secured a £63 million credit facility.

Now 2011’s already busy schedule has been taken to a new level entirely.

The new capital will allow Aurelian to expand its exploration work massively, adding 12 new wells to the original five-well programme.

Lord Sainsbury said today: "I am very pleased with the performance of the company and no longer feel it necessary to have Nick representing my interests as a non-executive director.  

“Furthermore, I am looking forward to the next 12 months as the company moves forward to deliver on its potential."

 

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