smiler o
- 20 Jul 2007 14:06
About Aurelian
Aurelian was founded in 2002 by its current managing director, Michael Seymour. It concentrates its activities in the Central Europe Region, where Mr. Seymour, together with many of his present Team, have worked for more than thirteen years.
The Company's expertise and Strategy lies in identifying and developing sound projects within its region of focus and expertise. Applying an aggressive exploration programme and conducting high quality technical work to it's projects, Aurelian is building a balanced portfolio which includes production, appraisal and exploration Projects.
Current Projects span the Region from Poland to Bulgaria, now with production in Romania, a deep appraisal well to be drilled on a large structure in Poland in March 2007, together with exciting exploration prospects including projects in four countries, Romania (4 blocks), Slovakia (3 blocks), Bulgaria (2 blocks) and Poland (2 blocks). Aurelian is the operator in all of these except Bulgaria. Details are provided elsewhere on this site.
Aurelian's exploration and development programme is well funded for the foreseeable future. The company has a committed management team with in-depth experience of the region, and the broad base of expertise required to identify and develop the company's business and value.
Regional Strategy
Aurelian focuses its activities in Central Europe, from the Baltic to the Mediterranean. This region is the oldest producing oil province in the world. First oil was mined here in the early centuries of the last millennium and was first developed commercially as early as 1853 when the first well ever was drilled. The Company's area of focus covers the whole of the area from Poland and the Baltic states, to the Mediterranean. We will continue to apply for concessions in this area. It is hoped that further awards will be announced before the end of the year.
Outlook
Aurelian has an aggressive and ambitious exploration programme. Seismic will be acquired in all the countries where the company currently operates. Low risk exploration wells will be drilled in Romania and deeper higher impact wells are being drilled in Poland and Bulgaria in 2007. Production from discoveries will be developed to produce revenues in 2008 and beyond. Aurelian plans to become a leading "independent" by the end of the decade.

Name of shareholder having a major interest
Ospraie Management LLC
Ospraie Management Inc
Ospraie Holding 1 LP
Dwight Anderson.
Company Summary - Aurelian Oil & Gas PLC (AUL) 52.25p
FTSE AIM All Share Oil & Gas ProducersMarket cap: �70.381m
http://www.aurelianoil.com/index.php?v=financial
http://www.aurelianoil.com/index.php?v=home
Oakapples142
- 04 Jun 2008 16:20
- 35 of 141
Two very large trades -listed as unknown - which divided the spread - any views
smiler o
- 04 Jun 2008 17:29
- 36 of 141
I see what you mean ! at a guess I would say buys ?
smiler o
- 05 Jun 2008 17:50
- 37 of 141
RNS Number : 0755W
Aurelian Oil & Gas plc
05 June 2008
Aurelian Oil & Gas PLC
Development of relationship with Romgaz: farm-out of interests in Slovakia, Poland and Romania
Romgaz joining Aurelian in projects in Slovakia and Poland
First time that Romgaz has participated in exploration outside Romania for many years
Romgaz entering the Bacau concession in Romania
Romgaz and Aurelian to collaborate on next tender round concessions in Romania
Aurelian Oil and Gas PLC ('Aurelian' or 'the Company') announces that, after five years of successful joint ventures in Romania with the state gas company SNGN Romgaz S.A. ('Romgaz'), Aurelian and Romgaz are strengthening their relationship both outside and inside Romania.
Romgaz is joining Aurelian in projects in Slovakia and Poland. This will be the first time for many years that Romgaz has participated in exploration outside Romania.
In Slovakia, Romgaz will earn a 25% interest in Aurelian's three licences Svidnik, Medzilaborce and Snina by paying a 50% share of the US$5 million seismic programme which will start within the next couple of weeks. Romgaz is therefore effectively participating on the same terms as JKX Oil & Gas plc ('JKX'), whose farm-in was announced on 7 April. Participating interests after the farm-out will be Aurelian (operator) 50%, JKX 25% and Romgaz 25%.
In Poland, Romgaz will earn a 15% interest from Aurelian and a 15% interest from GB Petroleum plc ('GB') in the Cybinka and Torzym concessions awarded in February 2008. The concessions, located in the west of Poland, adjacent to the Polish border, are prospective for oil in the Zechstein and 3D seismic is planned for 2009. Romgaz will pay a 45% share of the cost of this survey. The participating interests after the farm-in will be Aurelian (Operator) 35%, GB 25%, Romgaz 30% and Avobone Poland B.V. 10%.
Within Romania, Romgaz will earn a 40% interest in the Bacau concession by paying 66.67% of the Lilieci-1 well, expected to spud around 1 August. This is a 2,900 metre well to test Sarmatian horizons adjacent to Romgaz's large Roman-Secueni gasfield. After the farm-in, participating interests will be Aurelian (Operator) 41%, Romgaz 40% and Europa Oil & Gas plc 19%.
Aurelian and Romgaz have also agreed to work together to evaluate the next tender round of concessions to be offered by the National Agency for Mineral Resources, with a view to applying together. This round is expected around the end of 2008.
The technical information and opinions contained in this announcement have been reviewed by Roy Hartley B.Sc (Hons) (Imperial College), FEI, FGS, C.Eng, Aurelian's Operations Director who has over 30 years' experience in the oil exploration and production industry. He has consented to the inclusion herein of such technical information and opinions.
Michael Seymour, Aurelian's Managing Director, and Francisc Toth. Romgaz's Managing Director commented:
'Aurelian and Romgaz are delighted to have extended their relationship in this way. Over the five years we have been working together, the cooperation between us has been excellent. Romgaz is pleased to be entering into these new partnerships in Slovakia and Poland, and Aurelian is pleased to have been selected by Romgaz as a potential partner for future Romanian collaboration.
We much look forward to working even more closely together and to the obvious benefits this will bring. '
5 June 2008
smiler o
- 06 Jun 2008 08:51
- 38 of 141
Aurelian Oil & Gas PLC
Commencement of four-well drilling programme in Romania
Aurelian Oil and Gas PLC ('Aurelian' or 'the Company'), on behalf of its wholly owned Romanian subsidiary, announces that it has spudded Fratauti-2 in its Brodina Concession in Romania. The well is the first of a four-well programme, which is anticipated to take some six months to complete.
Fratauti-2, and Vicsani-1 which will immediately follow it, are shallow wells targeted to test gas in Sarmatian sands in close proximity to the Bilca production facilities from where gas is already being produced. The interest in these wells is held by Aurelian 62.50% (Operator)
and SNGN Romgaz S.A. 37.50%.
The focus will then move to the Bacau concession, where the Lilieci-1 well, scheduled for spudding on 1 August 2008, will evaluate the Sarmatian sands down to a depth of 2,900 metres at a location along structural trend to the large Roman-Secueni gas field where these horizons constitute the producing reservoir. Interests in the Bacau concession following the drilling of Lilieci-1 and the Farm-out to Romgaz (announced in our press release of 5 June 2008) will be Aurelian (Operator) 41.00%, Romgaz 40.00% and Europa Oil & Gas plc 19.00%
Following Lilieci-1, the rig will move for a further well in the Brodina concession. Voitinel-1 is a large sub-thrust prospect with potential in the Sarmatian, Badenian and Cretaceous. The planned total vertical depth is 1,900 metres. Interests in Voitinel will be Aurelian (Operator) 33.75%, Romgaz 37.50% and Europa Oil & Gas 28.75%
The technical information and opinions contained in this announcement have been reviewed by Roy Hartley B.Sc (Hons) (Imperial College), FEI, FGS, C.Eng, Aurelian's Operations Director who has over 30 years' experience in the oil exploration and production industry. He has consented to the inclusion herein of such technical information and opinions.
Michael Seymour, Aurelian's Managing Director, commented:
'We are all looking forward to the results of this drilling programme. Fratauti-2 and Vicsani-1 have a good chance of establishing additional gas reserves for the Bilca project. Lilieci-1 and Voitinel-1 are exploration wells, with sizeable potential. Voitinel in particular is a large structure located between producing oil, gas and condensate fields to the north in Ukraine and to the south in the adjacent Romanian concession. '
6 June 2008
scotinvestor
- 06 Jun 2008 09:31
- 39 of 141
2 bits of decent news today......and a mere 1.25p up......big deal.......am expecting this to be in 50s at least
smiler o
- 06 Jun 2008 09:33
- 40 of 141
that would please me to scot !:)
Oakapples142
- 06 Jun 2008 10:07
- 41 of 141
Its only a question of time - I like them to rise slowly and with regularity (!) - less incentive for the profit takers to spoil the party - I am currently 20% up with this one but it has a long way to run IMHO - I much like the way that the management keep us informed.
scotinvestor
- 06 Jun 2008 10:50
- 42 of 141
make that 0.25p........for 2 bits of decent news!!
smiler o
- 25 Jun 2008 09:22
- 43 of 141
Aurelian Oil & Gas PLC
('Aurelian')
Wednesday 25 June 2008
Issue of shares
Aurelian announces that 100,000 ordinary shares of 5 pence have been issued to a former director on the exercise of options held under Aurelian's Unapproved Share Option Scheme. The consideration paid for the shares in accordance with the rules of the Scheme was 12.7 pence per share.
Application has been made for the new ordinary shares to be admitted to trading on AIM.
smiler o
- 01 Jul 2008 08:14
- 44 of 141
Aurelian Oil & Gas PLC
Results of Well Fratauti-2, Bilca Gas Project, Brodina Concession, Romania
Highlights:
Fratauti-2 completed as a gas production well
Well will be tied into the Bilca production facilities
Production expected to start in September 2008 at a rate of 3 million scf/d
Rig will now move to drill Viscani-1 exploration well
Aurelian Oil and Gas PLC ('Aurelian' or 'the Company') announces on behalf of its wholly owned Romanian subsidiary and its partner SNGN Romgaz S.A. that the well Fratauti-2, spudded on 6 June, has been completed as a gas production well.
Fratauti-2 is located approximately 800 metres from Fratauti-1, one of three separate gas accumulations producing gas into the Bilca Facilities. It was drilled to appraise the B sand seen in Fratauti-1 where 2.4 metres of net sand was encountered. Subsequent analysis showed Fratauti-1 to have encountered the edge of the B sand gas accumulation close to the gas/water contact and provided the justification for further appraisal.
A gas column of 11.6 metres and net pay of 5 metres were encountered at a reservoir depth of 605 metres in the B sand in Fratauti-2. It has been tested at rates up to 3.7 million scf/d at a wellhead pressure of 40 bar. The well will now be tied into the flow line taking gas from Fratauti-1 to the Bilca production facilities and is expected to be producing in September 2008. Fratauti-1 produces gas from the C sand and the B sand has not been produced in that well.
The rig will now move to drill the Vicsani-1 exploration well, located approximately 200 metres from the pipeline between Fratauti and Bilca. The well has been planned to test a Seismic anomaly in the Sarmatian sands and is anticipated to spud on or around 14 July.
Percentage interests in the Fratauti-2 and Vicsani-1 wells and the Bilca gas project are: Aurelian (operator) 62.5%, Romgaz 37.5%.
The technical information and opinions contained in this announcement have been reviewed by Roy Hartley B.Sc (Hons) (Imperial College), FEI, FGS, C.Eng, Aurelian's Operations Director who has over 30 years' experience in the oil exploration and production industry. He has consented to the inclusion herein of such technical information and opinions.
Michael Seymour, Aurelian's Managing Director, commented:
'We are very pleased that the first well in the 2008 4-well programme has been successful and will increase gas sales through the Bilca production facilities. Production from the existing three wells is also about to be boosted as a result of the installation of compression and success with the Vicsani well could add further value to the project.'
1 July 2008
scotinvestor
- 02 Jul 2008 14:10
- 45 of 141
seems as though good news does nothing for this share
smiler o
- 02 Jul 2008 14:15
- 46 of 141
Very Little ... Maybe when markets improve ??
smiler o
- 15 Jul 2008 08:39
- 47 of 141
RNS Number : 0403Z
Aurelian Oil & Gas plc
15 July 2008
Aurelian Oil & Gas PLC
Commencement of Well Vicsani-1, Brodina Concession, Romania
Aurelian Oil & Gas PLC ('Aurelian' or 'the Company') announces on behalf of its wholly owned Romanian subsidiary and its partner SNGN Romgaz S.A. that the well Vicsani-1 was spudded on 14 July.
Vicsani-1 is located 2 kilometres from the Bilca Gas Processing Facilities and is being drilled to a depth of 670 metres to evaluate the Sarmatian sands, the reservoir of the Bilca group of fields.
Percentage interests in the Fratauti-2 and Vicsani-1 wells and the Bilca gas project are: Aurelian (operator) 62.5%, Romgaz 37.5%.
The technical information and opinions contained in this announcement have been reviewed by Roy Hartley B.Sc (Hons) (Imperial College), FEI, FGS, C.Eng, Aurelian's Operations Director who has over 30 years' experience in the oil exploration and production industry. He has consented to the inclusion herein of such technical information and opinions.
smiler o
- 05 Aug 2008 09:45
- 48 of 141
Aurelian Oil & Gas PLC
Results of Well Vicsani-1, Brodina Concession, Romania
Highlights:
Vicsani-1 established presence of a 12.5 meter gas column and is being completed as a gas production well
The well will be tied into the Bilca production facilities
Production is expected to start in November 2008 at a rate of 1.5 million scf/d (50 kNm3/d)
Aurelian will now move on to drill the Lilieci-1 exploration well on the Bacau concession
Aurelian Oil and Gas PLC ('Aurelian' or 'the Company') announces on behalf of its wholly owned Romanian subsidiary and its joint venture partner, SNGN Romgaz S.A., that Vicsani-1, spudded on 13th July, has been successfully completed as a gas production well.
The well tested a Sarmatian sand in the interval 433m to 445.5m, and flowed gas at rates up to 3.1 million scf/d (84 kNm3/d) at a wellhead pressure of 21bar. Production logs showed that the gross gas column of 12.5m contributed to flow. It is expected that regulatory approvals will be obtained to tie-in both Vicsani-1, at a rate of 1.5 million scf/d, and the recently drilled Fratauti-2 to the Bilca Gas Plant in November 2008.
Recent severe weather and flooding in the region has severely damaged roads and bridges including the flowline from Fratauti-1 to the Bilca Gas Plant which will be used to produce the two wells. The flowline has now been repaired with production re-commencing within 5 days of rupture. The replacement of eroded soil and strengthening of the flowline will continue for some weeks.
Percentage interests in the Vicsani-1 and Fratauti-2 wells and the Bilca gas project are: Aurelian (operator) 62.5%, Romgaz 37.5%.
Vicsani-1 was the second of Aurelian's four-well drilling programme. The third, Lilieci-1, is expected to spud during the week of 18th August. This is a deeper Sarmatian test well with a planned total depth of 2,890m and is located in the northeast of the Bacau concession, with the Roman-Secueni gas field, which has produced over 850 Bscf from the same reservoir, just 7 km to the north across the block boundary. The well is expected to take 85 days to drill and test. Results are expected to be available in November.
The technical information and opinions contained in this announcement have been reviewed by Roy Hartley B.Sc (Hons) (Imperial College), FEI, FGS, C.Eng, Aurelian's Operations Director who has over 30 years' experience in the oil exploration and production industry. He has consented to the inclusion herein of such technical information and opinions.
Michael Seymour, Aurelians Managing Director, commented:
Our Romanian drilling campaign this year of four wells back-to-back has got off to the perfect start with the first two establishing commercial gas and expected to be on production during the fourth quarter of this year. With compression currently being installed to boost the production from the first three fields, which have already been in production for two years, we can expect that, by the end of the year, production rates will be substantially higher than a year ago.
The next six months will be an exciting time for Aurelian when we will be drilling the third and fourth wells of our campaign, Lilieci-1 and Voitinel-1 respectively, which represent much larger prospects.
5 August 2008
Enquiries:
smiler o
- 21 Aug 2008 11:02
- 49 of 141
RNS Number : 7652B
Aurelian Oil & Gas plc
21 August 2008
Aurelian Oil & Gas PLC
Commencement of Well Lilieci-1, Bacau Concession, Romania
Aurelian Oil and Gas PLC ('Aurelian' or 'the Company') announces on behalf of its wholly owned Romanian subsidiary and its partners, SNGN Romgaz S.A. ('Romgaz') and Europa Oil & Gas S.R.L. ('Europa'), that the well Lilieci-1 was spudded on 19 August.
Lilieci-1 is located in the northeast of the Bacau concession, approximately 10 km from the Roman-Secueni gas field, operated by Romgaz. It is reported that, up to the end of 2004, Roman-Secueni had produced 850 bcf. Lilieci-1 will be evaluating the same Sarmatian sand reservoirs as are productive in Roman-Secueni.
The well is programmed to a total vertical depth of 2,891 metres, although it will be slightly deviated from the surface location, the selection of which was restricted due to local habitation and the terrain. It is anticipated that the operation will take approximately 90 days.
Following completion Percentage interests in the Lilieci-1 well will be: Aurelian (operator) 41%, Romgaz 40% and Europa 19%.
The technical information and opinions contained in this announcement have been reviewed by Roy Hartley B.Sc (Hons) (Imperial College), FEI, FGS, C.Eng, Aurelian's Operations Director who has over 30 years' experience in the oil exploration and production industry. He has consented to the inclusion herein of such technical information and opinions.
21 August 2008
smiler o
- 10 Nov 2008 08:15
- 50 of 141
RNS Number : 7649H
Aurelian Oil & Gas plc
10 November 2008
Aurelian Oil & Gas PLC
('Aurelian' or the 'Company'),
10 November 2008
Farm out of Poznan Concessions
Agreement signed for farm out of a 40% interest in the Poznan concessions to Canamens Energy Limited ('Canamens')
Canamens to meet 80% of the costs of Aurelian's current 90% share of a work programme up to a maximum consideration of 40 million
Work programme planned to include two horizontal fracced wells and the installation of gas production and pipeline facilities
Aurelian to retain management responsibility and 50% interest in the Poznan Concessions ('the Concessions').
Aurelian is pleased to announce that it has signed an agreement with Canamens under which Canamens will farm in to earn a 40% interest in the Poznan Concessions (including the Siekierki gas project) by meeting 80% of the total cost of a defined work programme up to a maximum investment of 40 million. Aurelian will bear 10% of the cost of the programme and retain a 50% interest. The work programme is planned to include the cost of two horizontal fracced wells and the installation of gas production and pipeline facilities for long term testing of the two new wells. Canamens will have the right at certain stages in the programme to terminate their obligation to meet Aurelian's costs by reducing their interest.
Canamens is a private equity funded upstream oil and gas company. Its aim is to acquire assets with existing or near-term production opportunities, with field development and exploration potential where it can add real value through its industry experience and through its relationship with leading industry service providers. Sector Asset Management and Goldman Sachs are its two principal investors.
The introduction of Canamens will provide both technical expertise and experience to the development of the Siekierki project and the funds which Aurelian requires to take it through the forthcoming appraisal and initial development phases.
As a result of the restructuring, the beneficial interests held in Energia Zachod Sp. z o.o. ('EZ') (Aurelian's Polish affiliated company owning the Concessions), and therefore in the Siekierki Project, will be, Aurelian 50%, Canamens 40% and Avobone N.V. 10%. The Aurelian group will continue to be responsible for providing EZ with the staff and support to enable it to fulfil its role as Operator of the Project.
Michael Seymour, Managing Director of Aurelian, commented:
'We are particularly pleased to have been able to negotiate this agreement in these difficult markets. This farm out should secure sufficient funding to take this project to the next commercial stage of its development. Thereafter subject to positive results of the long term test, this project will move into full commercialisation with gas being sold into the high pressure system of the Polish market.'
Greg Coleman, Chief Executive Officer of Canamens said:
'We welcome the opportunity to make this investment in a major gas development in Poland which is in line with our strategy and provides tangible value with identifiable upside for the benefit of Polish consumers of natural gas as well as investors in the project. We are pleased to be associated with the Aurelian team which has demonstrated its ability to identify major potential resources and develop them.'
smiler o
- 13 Feb 2009 08:58
- 51 of 141
RNS Number : 2591N
Aurelian Oil & Gas plc
13 February 2009
Aurelian Oil & Gas PLC
('Aurelian' or 'the Company')
Test results from onshore Romanian gas discovery
Highlights:
Test production at rates of up to 4.6 million standard cubic feet per day
Probable commercial discovery across multiple producing zones
Well to be completed in three zones for long term test
Further to its operational update on 19 December 2008 which confirmed that the sands in the Lilieci-1 well, onshore Romania, were gas bearing, Aurelian is pleased to announce test results from the well.
Lilieci-1 was drilled as a deep test of the Sarmatian gas play in the EIII-4 Bacau Concession along the eastern front of the Carpathians. Potential reservoir horizons consisted of sand bodies trapped within a background lithology of claystones. The well encountered a thick over-pressured section with high gas readings between 1,750 metres and total depth at 2,980 metres. Definition of net pay with wireline tools proved difficult because of their limited resolution. Consequently two flow tests covered a number of sands and production logging was then used to delineate pay zones.
A test of 31 metres of perforations in four separate sands in the interval between 2,412 metres and 2,584 metres flowed gas at rates up to 122 thousand normal cubic metres per day (4.6 million standard cubic feet per day) at a wellhead pressure of 165 bar.
Production logging measurements indicated that 10 metres of perforations in three sands produced dry gas. The well is being completed in these three productive zones to allow a long term test.
The other test of 24 metres of perforations in two sands in the interval between 2,846 metres and 2,915 metres only recovered minor amounts of gas and condensate with water. This zone is not commercial.
Aurelian will be appraising Lilieci with its partner, Romgaz, operator of the 850 billion cubic feet Roman-Secueni gas field some 7 kilometres to the north. Further step-out options available include sidetracking the current well to test the extent of the productive sands encountered in Lilieci-1 and to evaluate potential deeper targets. The possibility of drilling an appraisal well is also being considered.
The partners in the Lilieci-1 well are Aurelian (operator) 41%, Romgaz 40% and Europa Oil & Gas plc ('Europa') 19%. Under the terms of an agreement between Aurelian and Europa under which Aurelian has paid a proportion of Europa's share of the well costs, Europa now has 60 days to elect whether to participate in the appraisal and development of the Lilieci discovery or to assign its interest in the discovery to Aurelian. If it elects to participate, Europa will pay Aurelian a sum currently estimated at 4.5 million for the aggregate of its unpaid share of the well costs and an agreed premium.
The technical information and opinions contained in this announcement have been reviewed by Roy Hartley B.Sc (Hons) (Imperial College), FEI, FGS, C. Eng, Aurelian's Operations Director who has 40 years of experience in the oil exploration and production industry. He has consented to the inclusion herein of such technical information and opinions.
Michael Seymour, Managing Director commented,
'Lilieci-1 is our third successive successful well in Romania, following Fratauti-2 and Vicsani-1 in the Brodina EIII-1 concession. The flow rates and net pay on test indicate that we can expect to develop it as a commercial discovery.
The well is our first well in the Bacau concession and highlights the general potential of the block. It particularly focuses attention on the potential of our two other strong leads, Schineni and Siretu which are close to Lilieci and, like Lilieci, on the outskirts of Bacau, an important industrial city of some 200,000 population.'
smiler o
- 17 Jun 2009 19:30
- 52 of 141
RNS Number : 0768U
Aurelian Oil & Gas plc
17 June 2009
Aurelian Oil & Gas PLC
('Aurelian')
Wednesday 17 June 2009
Notification of major interests
Aurelian announces that, following completion of its placing of 96,760,349 new ordinary shares at 12 pence per share on 15 June 2009 and the consequent increase in total voting rights in the Company to 232,361,811 shares, it has received notices of the following discloseable interests:
Andy
- 20 Jun 2009 09:12
- 53 of 141
smiler o
- 06 Jul 2009 10:46
- 54 of 141
RNS Number : 1353V
Aurelian Oil & Gas plc
06 July 2009
Aurelian Oil & Gas PLC
('Aurelian' or 'the Company')
Update on Lilieci-1, Bacau Concession, Romania
Aurelian is pleased to announce that the further testing of its Lilieci-1 well, announced as a discovery on 13 February 2009, has been successfully completed.
Lilieci-1 evaluated a large number of Sarmatian-age sands over an interval of some 1,250 metres. Gas shows were evident throughout the section down to total depth and four sands between 2,412 and 2,584 metres flowed gas upon test at rates up to 122 thousand m3/d (4.6 million scfd). Post well evaluation has indicated that additional target sands exist in the section just below the well's total depth of 2,980 metres.
Only one of the Sarmatian sandstone zones tested in February was subjected to further testing. This zone was flowed for four days at rates up to 55 thousand m3/d (1.6 million scfd). Other gas-bearing sands encountered in the well were not tested on this occasion. The objective was to prove up a minimum quantity of gas to justify investment in a long term production test, during which the gas would be sold. This objective has been achieved.
Romgaz has recently made a gas discovery, Berbeceni-1, to the east of the Bacau concession in the same play as Lilieci-1. This play now appears to have potential for substantial gas production with Romgaz about to test it again with the Bogdanesti-1 well. This well will shortly be drilled close to the Bacau concession boundary and on a trend that includes Lilieci-1 and also Aurelian's Schineni and Siretu prospects. The results of the well will clarify their prospectivity and narrow the options for progressing the Lilieci-1 discovery.
The partners in the Lilieci-1 well are Aurelian (operator) 41%, Romgaz 40% and Europa Oil & Gas plc ('Europa') 19%. Under the terms of an agreement between Aurelian and Europa under which Aurelian has paid a proportion of Europa's share of the well and testing costs, Europa will have a short period in which to elect either to participate in the appraisal and development of the Lilieci discovery or to assign its interest in the discovery to Aurelian. If it elects to participate, Europa will pay Aurelian a sum currently estimated at 6.0 million comprising the aggregate of its unpaid share of the well costs and an agreed premium.
The technical information and opinions contained in this announcement have been reviewed by Roy Hartley B.Sc (Hons) (Imperial College), FEI, FGS, C. Eng, Aurelian's Operations Director who has 40 years of experience in the oil exploration and production industry. He has consented to the inclusion herein of such technical information and opinions.
Michael Seymour, Managing Director of Aurelian Oil & Gas commented
'The northern part of the Bacau concession now looks very interesting. Success for Romgaz with Bogdanesti-1 would encourage us to drill Schineni and Siretu and provide us with further insight for planning the development of our Lilieci discovery.'