Aurelian Takes Bigger Bite of Bacau Concession in Romania

In its announcement on July 6, 2009 of the successful completion of further testing of the Lilieci-1 gas discovery, Aurelian indicated that Europa Oil & Gas, the holder of a 19% interest in the area around the Lilieci-1 gas discovery well, had a short period in which to decide whether to retain its interest in the discovery by paying Aurelian a sum of approximately €6.0 million comprising the aggregate of its unpaid share of the well costs, which had been met by Aurelian as operator of the well, and an agreed premium.

Europa has elected not to pay the sum and Aurelian will therefore be acquiring Europa's 19% interest in an area 32 square kilometers surrounding the Lilieci-1 well for nil additional cost. Aurelian's interest will thereby increase to 60% with Romgaz holding the remaining 40%. Europa will retain its 19% interest in that part of the Bacau concession that does not relate to the Lilieci-1 well.