Aurelian announced that the Climauti-1 well has encountered a gas bearing reservoir in the Suceava Block in Romania. The reservoir, which should yield approximately 2bcf gross of recoverable gas reserves and increase the Company's production by approximately 18% over its expected seven year life, is on the same interval as the producing Vicsani-1 well 3km to the south west. The gas column which was encountered in Sarmatian sands at a depth of 456.5 - 463.6m, 7.1m gross, 6.3m net, will be perforated and completed for production. The rig will then demobilise and a flow test will be carried out in the coming weeks when test equipment is freed from Voitinel-1. The well will be tied into the Bilca gas plant and production is expected to commence in Q4 2010.
Interests in the Suceava Block are Aurelian Oil & Gas (Romania) SRL 50%, Regal Petroleum PLC 50%.
Rowen Bainbridge, Chief Executive, commented, "We are pleased that our activities in Romania continue to progress in line with the plans we outlined earlier in the year. We are also encouraged that early production and cashflow is expected from this reservoir and this will boost the Company's forecast production by 18% over the life of the well.
In the coming weeks I look forward to providing you with further updates on the testing of this well and the testing of the 1400 sand in our Voitinel-1 discovery."
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