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 major shareholder Kulczyk Investments raises stake to 13.77pct
Aurelian Oil & Gas (LON:AUL) reported that its major shareholder Kulczyk Investments has purchased more shares in the European focused explorer to increase its stake to 13.77 percent.
Yesterday, Kulczyk Investments acquired 1.75 million shares in the company, giving it a total shareholding of a little more than 68 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.
Following the latest share purchase, Mioduski holds a total 72.97 million shares representing 14.76 percent of the total voting rights in Aurelian.
Another director of Kulczyk Manoj Madnani also saw his non-beneficial interest increase to 13.77 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 24.5 pence.
Today, Aurelian saw its shares add a further 2 percent to trade at 25 pence, giving the company a market cap of £126.55 million.
