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 increases holdings in Cybinka and Torzym concessions, Poland
Aurelian Oil & Gas (LON:AUL) has upped its holdings in the Cybinka and Torzym concessions on the Polish reef oil play to 45 per cent each.
And the company told investors it will spud its first well on the Torzym concession in the first quarter of next year as it revealed details of the acquisition today.
The firm previously held 35 per cent of each of the concessions but has bought a further 10 per cent in each from Avobone Poland B.V, paying €337,724 for Cybinka and €368,177 for Torzym.
This amount is a reimbursement of Avobone Poland B.V.'s historical costs on the concessions, said the firm.
The firm plans to spud the first well on Torzym and is targeting gross 35 million barrels mid case STOIIP (Stock Tank Oil Initially In Place).
The results are expected by the end of the second quarter next year.
Aurelian's chief executive Owen Bainbridge said: "We are pleased to have acquired an additional 10 per cent interest in these concessions which contain a number of prospects which are play analogues with the nearby Lubitow and BMB oil fields."
He added that he was looking forward to the first quarter of 2012 and spudding the first well on Torzym, which if successful, would de-risk the 100 million barrels mid case STOIIP inventory currently mapped within the 220 sq km Cybinka-Torzym 3D seismic survey.
Following the transaction, the firm said the concessions will be divided up as follows: At Cybinka, Aurelian Oil and Gas, the operator, will hold 45 per cent, S.N.G.N. Romgaz S.A., 30 per cent and Sceptre Oil and Gas Limited, 25 per cent.
At Torzym, Aurelian will have 45 per cent, S.N.G.N. Romgaz S.A will hold 30 per cent and Sceptre Oil and Gas Limited, 25 per cent.
On Tuesday this week, the firm revealed a new gas discovery in the Krzesinki-1 exploration well on the same licence as the Siekierki tight gas field in Poland.
Based on what it knows so far, Aurelian believes the discovery contains between 10 and 20 billion cubic feet of gas in place and testing of the Krzesinki-1 well will be complete by the end of this year.
