Aurelian provided the following operational and corporate update.
Rowen Bainbridge, Chief Executive commented, "Encountering the estimated 100 meter gas column, on schedule and on budget, is a major step forward in our 346 bcf Siekierki Tight Gas Project, as is our progress with planning and approvals for the Processing Facility. In the Carpathians, we are increasing to 40% the 2D seismic coverage on our highly prospective Bieszczady block where we will be spudding our first well in October targeting prospective resources of 100 million bbs of oil (gross). In addition, the new €75 million Credit Facility can be used to fund the second Multi Fracced Horizontal Well and Gas Processing Facility at Siekierki. This means that together with our existing cash in hand, we can now fund our previously announced well program, the remaining eight of which, will be completed by the end of 2011.
We are making significant progress in de-risking our portfolio and appropriately capitalizing the business to be in a position to further invest in, and create value from, our outstanding asset base. I look forward to bringing you further updates in the coming months which promise to be the most exciting in the Company's history."
John Conlin, Chairman commented, "I want to welcome John on to the Board and I feel that his appointment further helps shape the Board, and adds to it, the necessary capability that will help Aurelian progress to the next level in its development. I also want to express my thanks to Malcolm for the many years of valued service that he has provided to Aurelian and I wish him every success in the future."
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