Aurelian Oil & Gas Farms-in to Suceava Block EIV-1 in Romania
Aurelian Oil & Gas has farmed-in to the Suceava Block EIV-1, onshore Romania, previously operated by Regal Petroleum plc.
Through its Romanian subsidiary, Aurelian will earn a 50% interest and the operatorship of Suceava Block EIV-1. Aurelian will acquire a minimum of 150 kms of new 2D seismic data in 2006 and drill one exploration well possibly in 2007. The budgeted cost of the works is in the region of $2.5 million.
The Suceava Block comprises 4,103 sq kms and is located immediately east and southeast of the Brodina Block EIII-1, where Aurelian holds a 28.75% interest and operates the Bilca gas development project. It is anticipated that the seismic work required as part of the earn-in commitment will be conducted within the next few weeks.
The partners intend to target leads on the Suceava Concession in the 500 to 1,500 meter depth interval which are consistent with the type of leads found on the Brodina Concession. In the event that the farm-in program discovers commercial quantities of gas, then the parties believe that the time frame to first production is likely to be short as proved to be the case in the Brodina Concession.
Michael Seymour, Managing Director of Aurelian commented:
'We are delighted to have acquired these assets within our area of focus, in the highly prospective Carpathian region. We believe that the new seismic we will be acquiring, on the Suceava Block, will enable us to be in a position to drill a well in 2007 and determine the potential of the block.
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- Regal Reports Lower Production from Ukraine Operations (Jan 03)
- Regal Updates on Ukrainian Reserves (Apr 15)
Company: Aurelian Oil & Gas plc more info
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