Aurelian Exec: Exploration Program Funded Through Mid-2009
At Aurelian Oil & Gas's first AGM, Michael Seymour, Managing Director, made the following comments:
"Gas production continues in Romania from the Bilca production unit and the Company is in the process of finalizing a new gas sales contract with a major European utility company at attractive prices relative to the Romanian market.
"Aurelian is continuing to execute its exploration program. The Polish well being drilled at Trzek is progressing, although the drilling has been harder than originally anticipated. Drilling is also continuing at our Bulgarian well Golitza – 1, operated by JKX Oil & Gas plc.
"Further announcements will be made on these wells as and when is deemed necessary, however nothing further should be expected for the time being.
"In Romania, mobilisation is taking place for the drilling of Arbore -1. This well is expected to be spudded later this month and will take approximately fifteen days to drill to a target depth of 904 meters. Thereafter, the rig will move to the next location, Dornesti, on the Suceava block. Two further Romanian wells are also expected to be drilled in the second half of the year.
"Aurelian has signed a contract for a further seismic survey to be carried out on the Brodina block, Romania. This survey will be carried out during the summer to assess the deeper prospectivity of the block.
"Field work is currently being carried out on the Company's Slovakian blocks with a view to designing a seismic survey for early 2008.
"The Polish Beiszczady Block joint operating agreement is expected to be signed this month and will be followed by the acquisition of 2D seismic during the summer months.
"John Lippitt has today stood down as Chairman of the Board, whilst retaining a non-executive position. David Prior has taken over the Chairmanship. The Board would like to thank John for his invaluable contribution to Aurelian over the last few years.
"Aurelian remains well-funded with sufficient funds to carry the Company through the its planned exploration program until mid-2009. Our team is well-placed and able to handle the work in hand and we have contracted all the required rigs and seismic acquisition for the balance of this year."
All resolutions put to the meeting were duly passed.