Through its Romanian subsidiary, Aurelian will earn a 50% interest and the operatorship of Suceava Block EIV-1. Aurelian will acquire a minimum of 150 kms of new 2D seismic data in 2006 and drill one exploration well possibly in 2007. The budgeted cost of the works is in the region of $2.5 million.
The Suceava Block comprises 4,103 sq kms and is located immediately east and southeast of the Brodina Block EIII-1, where Aurelian holds a 28.75% interest and operates the Bilca gas development project. It is anticipated that the seismic work required as part of the earn-in commitment will be conducted within the next few weeks.
The partners intend to target leads on the Suceava Concession in the 500 to 1,500 meter depth interval which are consistent with the type of leads found on the Brodina Concession. In the event that the farm-in program discovers commercial quantities of gas, then the parties believe that the time frame to first production is likely to be short as proved to be the case in the Brodina Concession.
Michael Seymour, Managing Director of Aurelian commented:
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