In Poland, Aurelian's 90% Polish subsidiary, Energia Zachod Sp. z o.o., has signed a contract with Oil & Gas Drilling "Nafta" Ltd. of Pila, Poland for the drilling of the Trzek-1 well. The location for Trzek-1 has been selected and the necessary local consents are now being acquired so that construction of the drill site can take place through December and January. The well is currently forecasted to spud in the first week of February. Total depth is currently programmed to approximately 4,000 meters and the operation is anticipated to take three and a half months.
The Siekierki Structure was drilled by the state company Polish Oil & Gas Corporation (POGC) in the 1970s. All four wells drilled on the structure encountered gas shows in the Permian Rotliegendes Formation.
In Bulgaria, the contract for the drilling of Golitza-1 has been signed with the Romanian drilling company, Dafora S.A.. The location for the well has been chosen and it is expected that the drilling operation will commence in March 2007. The Golitza prospect comprises a large fault-bounded anticline with objectives at more than one level. Total depth is currently programmed to approximately 5,000 meters and the operation is anticipated to take four months.
As part of the arrangements concluded with JKX Oil & Gas plc ("JKX") on 15 March 2005, JKX is exercising its option to increase its percentage interest from its current 25% to 50% and is at the same time taking over as the operator of the two Bulgarian licenses, B-Golitza and B1-Golitza. JKX will therefore operate the drilling of the Golitza-1 well. Aurelian's 100% owned subsidiary, Balkan Explorers (Bulgaria) Limited will retain a 50% interest in the two licenses.
Michael Seymour, Managing Director of Aurelian commented:
"We are very excited by both the Siekerki prospect in Poland, where the presence of gas was established in the 1970s, and by the Golitza prospect in Bulgaria which we believe has the potential for significant reserves in a region which has effectively had no valid drilling to date. We are delighted that the plans for these two wells are moving forward and that commencement dates for both wells have now been set."
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