Aurelian Oil & Gas provide operational update

Thursday, March 22, 2012
  • The Company's first exploration well in the Zechstein 'reef' oil play in the Central Lowlands of Poland has been progressed and the well.
  • B1 Golitza licence in Bulgaria: The second, two year extension to the B1-Golitza licence in Bulgaria ended on 14 March 2012, and accordingly the licence has now been relinquished.

Aurelian provide the following operational update.

  • Drilling contract signed with NAFTA Pila

    • Provides access to a number of rigs for the Company's operated Polish and Slovakian licences including:

      • The Sosna-1 well on the Torzym block;
      • Options for up to 3 wells for the multi-well program in the Carpathians due to begin in Q4 2012.

  • Sosna-1 to spud mid-April 2012

    • The Company's first exploration well in the Zechstein 'reef' oil play in the Central Lowlands of Poland has been progressed and the well site is now being prepared for a mid-April spud;
    • Targeting 35 mmbbls gross STOIIP, 3.1 mmbbls net recoverable to Aurelian;
    • The well is planned for a total depth of 2,500 metres and is expected to take 50 days to drill and cost €2.4 million net to Aurelian;
    • Success on Sosna-1 would de-risk an additional 18.5 mmboe1, net to Aurelian, of prospects currently mapped within the 220km2 Cybinka-Torzym 3D seismic survey carried out in 2010;
    • Surface geochemical sampling survey on the Cybinka and Torzym licences has now begun in order to detect micro-seepages of hydrocarbons over mapped prospects & leads.

  • Iman Hill appointed as Strategic Advisor for the company's Siekierki asset

    • Iman has over 25 years of technical and commercial upstream experience with BP, Shell and most recently with the BG Group, and will be responsible for:

      • Implementing the next phase of the staged appraisal program including commercialising gas from Trzek-2 and 3 via low methane tie-in and a gas to wire option as a smaller pilot development for the gas discovered to date;
      • The strategic partnering process, which has now commenced with the appointment of Moyes & Co..

Aggregate Company mid-case estimate data to be audited for inclusion in CPR due April 2012

  • Portfolio management

    • B1 Golitza licence in Bulgaria: The second, two year extension to the B1-Golitza licence in Bulgaria ended on 14 March 2012, and accordingly the licence has now been relinquished.
    • Block EIII-3 Cuejdiu licence in Romania: Aurelian has agreed with its JV partners not to continue into Phase III, the drilling commitment phase, and so the licence will be relinquished in May 2012, subject to NAMR approval. The Company will now focus its Romanian exploration on the prospective Brodina block.
    • Block EIII-1 Brodina licence in Romania: Aurelian has received approval for entry into the 2-year Phase II of the Brodina licence for a reduced work program of one well, 2D seismic, geochemical and passive geophysical sampling.

John Smallwood, Exploration Director, commented;

"We are pleased to have signed a contract with NAFTA Pila to provide the rigs required for our drilling campaign in Poland. This will start in April with the Sosna-1 well, our first exploration well in the Central Lowlands of Poland, where the target Zechstein oil play has been successful in recent years with the discovery of the BMB and Lubiatow fields, two of the largest fields in Poland. Success in this well would de-risk a total of 18.5 mmboe net of other prospects in this play. We will provide further updates on this well in due course. On portfolio management we are taking an active approach to ensure the high-grading of our acreage position in order to focus resources on the most value-accretive opportunities."

Rowen Bainbridge, CEO of Aurelian, commented;

"I am delighted that Iman has agreed to join us and believe that her considerable industry knowledge and experience will immediately add value to Aurelian and help take the Siekierki project forward in this very important next stage of the appraisal plan."

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 70,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Your details are never shared or sold. We hate spam too.

» More Jobs       » Upload a free Job       » Upload your CV

More Europe Jobs

More Global Jobs

Opinion & Commentary

» More Opinion & Commentary         » Write for us             RSS RSS


Opinions & Commentary

Oil price, BP, Sundry- Gulfsands-Tullow-Aminex-Northern Petroleum and finally...

by Malcolm Graham-Wood

Read More »