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 successfully completes Trzek-2 on Siekierki project
Aurelian Oil & Gas (LON:AUL) shares shot up 8 percent in early trades on news it successfully completed the Trzek-2 horizontal well and encountered 1,378.5 metres of gas.
Trzek-2, on the Siekierki tight gas project, is the first ever Multi Fracced Horizontal Well (MFHW) to be drilled in this part of the world.
The planned flow test has been delayed as a result of the severe weather that has swept most of central and western Europe.
"Successfully completing the horizontal section and encountering such an extensive section of gas is a very good outcome in this first well in our 346 billon cubic feet Siekierki tight gas project,” chief executive Rowen Bainbridge said.
“Whilst the severe weather in Poland will delay the results of the flow test for approximately four weeks, we are nonetheless very pleased to be in a position to be able to finish this first well on budget.”
Aurelian plans to spud Trzek-3 in early January.
Meanwhile drilling is still underway at the Bieszczady project, in the Carpathian Thrust Fold Belt Core Area.
The first Bieszczady wel was spudded in late October. It is targeting prospective resources of up to 100 million barrels of oil.
It is currently drilling ahead at 2,700 metres, and it is expected to reach the 4,800 metre target depth by February 2011.
Aurelian also updated investors on some of its other operations.
Work on the Siekierki gas processing facility is continuing, the final contract close is being agreed for major long lead Nitrogen Removal Unit (NRU), to treat Siekierki gas to sales quality. Construction will begin in early 2011, and first gas production is expected at the end of 2011.
A major seismic programme will get underway in across eight surveys in the Core Areas in 2011.
“Our 2011 seismic programme covering 1,455 km is extensive and, as well as firming up locations for our 2011 and 2012 drilling programme, it is also hoped that it will identify further prospects for drilling in 2013 and beyond,” Bainbridge added.
“There are a number of other activities ongoing in our business and I look forward to bringing you further updates on these in the near future.”
“2011 is already promising to be another exciting year for the company."
