Aurelian has been awarded two new licenses by the Ministry of Environment in Poland.
- Award of New Concession in our Polish Carpathians Core Area
- Awarded 100% of the "Wetlina" concession in south-eastern part of Polish Carpathians, covering an area of 446km2;
- Close to Aurelian's highly prospective Bieszczady concession in Poland, where the Company is currently testing the Niebieszczany-1 well, and adjacent to Aurelian's Snina concession on the Slovakian side of the border;
- Undeveloped Wetlina gas discovery is within concession and two further structures identified with potential in-place resource estimated at 40 BCF and 25 MMBBL; and
- Work program consists of studies in Year 1 and 14.3km 2D seismic acquisition in Years 2-3
- Award of New Concession in our Polish Permian Basin Core Area
- Awarded 100% of the "Prusice" concession in central Poland in the South Permian Basin, covering areas of 758km2; and
- "Prusice" concession, adjacent to San Leon's Winsko license, is believed to be prospective for the emerging Carboniferous Shale gas play.
- Work program consists of studies in Year 1 and 100km 2D seismic acquisition in Years 2-3.
John Smallwood, Exploration Director said, "These awards enhance our portfolio in each of our two Core Areas with attractive prospects to mature with low cost work programs and risk profiles. The presence of hydrocarbons is well-established both regionally and locally within each of the new concessions. In addition, our 100% equity position gives us control over the execution of the exploration programs. Prusice also gives us low cost entry to an emerging shale gas play which aligns well with our technical and operational expertise. We will be looking to bring partners into both blocks to fund the work programs."