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 rises after major shareholder increases stake
Aurelian Oil & Gas (LON:AUL) said major shareholder Kulczyk Investments has increased its interest in the European focused oil and gas firm to 13.41 percent, leading to a two percent rise in its share price.
Kulczyk Investments acquired a further 10.65 million shares in Aurelian last Friday, taking its total shareholding to 66.3 million shares.
Dariusz Mioduski, who is a director of both Aurelian and Kulczyk, also holds a beneficial interest in 4.9 million shares or 0.99 percent of the company through Austrian private foundation Radwan Privatstiftung.
Together with his non-beneficial interest of 13.41 percent, Mioduski’s total interest in Aurelian has increased to 71.2 million shares representing 14.41 percent of the total voting rights in the company.
Another director of Kulczyk Manoj Madnani also saw his non-beneficial interest increase to 13.41 percent. Madnani’s beneficial interest remains at 145,924 shares, or 0.03 percent in the company.
Last month the company announced a new gas discovery in Poland, which was welcomed by City analysts.
The Krzesinki-1 exploration well, which has been drilled on the same licence as the Siekierki tight gas field, encountered a 65 metre gas column. According to Aurelian, the discovery contains between 10 and 20 billion cubic feet of gas in place.
In a note to clients, finnCap analyst Will Arnstein said that, he believes that Krzesinki should be able to flow gas to surface without stimulation.
He noted that the 10-20 bcf gas in place estimates fell short of Aurelian’s pre-drill estimates of 60 bcf, but said the result was still encouraging. Repeating a ‘buy’ recommendation, Arnstein said that Aurelian shares remained ‘oversold’ on London’s AIM market.
Shares in Aurelian have since rallied from 17.5 pence to yesterday’s closing price of 23 pence. Aurelian rose 2 percent to 23.5 pence on the back of today’s announcement, valuing the company at £116.1 million.
