Aurelian Makes Largest Discovery to Date Onshore Romania

Aurelian has reported the results of further evaluation of its Voitinel-1 well, Brodina concession, onshore Romania.

  • Discovery with potentially significant upside in new play across the Brodina block
  • Expected gas in place between 50 and 100 bcf
  • Aurelian's largest discovery to date in Romania

On October 26, it was announced that Voitinel-1 had tested dry gas at rates up to 85,000 cubic meters per day (3 million scf/d) at a wellhead pressure of 40 bar (595 psi). Analysis shows that, of the 17.6 meters perforated, 15.0 meters are productive. Comparison of the tested sand, 1,653.0 meters to 1,772.5 meters measured depth ("the 1650 sand"), with another interval, 1,396.4 meters to 1,419.2 meters measured depth ("the 1400 sand"), indicates that the latter is also likely to be similarly productive and it will be flow tested in Spring 2010 as part of the field appraisal. Regional seismic and comparison with wells outside the structure suggest that both sand packages extend beyond the mapped structure. On the basis of current evidence, it is considered that appraisal could establish gas-in-place in the range 50 to 100 bcf (1,400 to 2,800 million cubic meters). This estimate does not include any contribution from the 1400 sand since it has yet to be flow tested.

With a possible tie-in point to the regional gas pipeline grid only 6 kilometers distant from Voitinel-1, the options for appraisal and the commercial exploitation of the discovery are now being examined.

Interests in the Voitinel well are Aurelian Oil & Gas (Romania) SRL 33.75%, S.N.G.N. Romgaz S.A. 37.50% and Europa Oil & Gas srl 28.75%.

Rowen Bainbridge, CEO of Aurelian, commented, "We are delighted with these latest test results from the shallower sections after the disappointment of the deeper Voitinel-1 target being dry. We now have a commercial discovery and potentially significant upside in a new play across the Brodina block, enhancing the value of the Romanian business. With expected gas in place between 50 and 100 bcf this represents a significant discovery -- our largest to date in Romania.

"In line with our recently announced strategy we are planning to exit the Sarmatian exploration play in Romania next year once we have tested the higher interval and drilled one more appraisal well. These results will help us command full value from companies looking to acquire and develop the gas resources we have discovered in the region to date."