The areas conditionally being awarded to the Company are blocks 202/222 (Cybinka); 203/223 (Torzym); and Block 249 (Kalisz).
These blocks are located in central western Poland within the Zechstein/Rotliegendes Basin, which extends westwards through Germany and Holland into the prolific gas producing sectors of the Dutch and UK North Sea.
These awards are subject to agreement being reached with the Ministry on the terms of the mining usufruct agreement and the grant to Aurelian of the relevant concessions. It is understood that these concessions can be expected to become operational before the end of 2007.
In each case, the work program to be performed during the first three years of the concession term will comprise seismic work, including 3-D acquisition in Cybinka and Torzym.
Aurelian will be operator in all three of the awards. The percentage interests in the joint venture in all three areas will be Aurelian with 50%; GB Petroleum with 40% and Boshold BV with 10%.
Michael Seymour, Managing Director of Aurelian, commented:
"These blocks are being conditionally awarded by the Ministry to the Aurelian joint venture as the result of a competitive bidding round. Aurelian was successful despite competition from other companies. We consider these blocks to be highly prospective and, together with our nearby Poznan East blocks, where we have recently announced encouraging results from the Trzek-1 well, and the Bieszczady blocks in southeast Poland, where we are partners with POGC, we now hold a top class spread of very prospective concessions in Poland. We look forward to being in a position to commence work on these new blocks."
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