Drilling Location Selected in Carpathian Thrust Fold Belt

Polish Oil Fields
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Aurelian announced that a drilling location has been agreed for the first of a three well program in its Bieszczady block in the Carpathian Thrust Fold Belt. The well, which spuds in Q4 2010, will target an oil prospect of up to 100 million barrels and is expected to take two to three months to drill. Results from the well are expected in December 2010. 

A number of reservoirs, all of which are proven producers in the region, are being targeted by this well and the current prospect will be drilled to a depth of around 4600m. There are several other similar sized prospects on trend which will be derisked in the event of the success of this first well. Using existing 2D seismic data, up to 680 million barrels of unrisked prospective resources have been mapped over prospects in the block. 

Aurelian is also pleased to announce that there will be a further 300 km of 2D seismic acquired on the licence, starting in August. This survey will be shot to the north and east of the existing 2D covered area and it is hoped that the prospect inventory for the license will be further enlarged with new prospects following the interpretation of this new survey in Q1/Q2 2011. 

Interests in Bieszczady are Polskie Gornichtwo Naftowe i Gazownictwo (51%) (Operator), Energia Bieszczady Sp. z o.o. (25%) (a 100% subsidiary of Aurelian Oil and Gas Poland Sp. z o.o.) and Eurogas Polska Sp. z o.o. (24%). 

Rowen Bainbridge, Chief Executive commented, "We are pleased to have selected the location for this high impact well in Bieszczady which we plan to spud in Q4 2010 as previously indicated. This is the first of four wells in our core Carpathian Thrust Fold Belt area that we are funded to drill and we look forward to providing further updates as we make progress with this program in the next 18 months."

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