JKX Bags Bit for Bulgaria
Aurelian announced that JKX, the operator of the B1-Golitza license, has signed a Letter of Intent with Weatherford for the supply of a CCC-500 drilling unit for the 'back to back' drilling of a two well program on B1 Golitza. It is expected that the two wells will spud mid Q3 and early/mid Q4 2010 respectively.
The first well in the program ('SOS'), will test a potential 20-30 bcf prospect at 1,500 meters, up dip of the depleted Stary Oryahovo gas field, discovered in the 1960s. Results of this well are expected in early October 2010. The second well ('S54') will also be testing a potential 20-30 bcf prospect at a depth of 600m with results expected by the end of Q4 2010.
Interests in the B1-Golitza block are held by JKX (Bulgaria) Limited (40%), Balkan Explorers (Bulgaria) Limited (a 100% subsidiary of Aurelian Oil and Gas PLC) (30%) and Sorgenia International B.V. (30%).
Rowen Bainbridge, Chief Executive commented, "In Bulgaria, we have secured a drilling unit from Weatherford for our two wells on B1-Golitza in Q3 and Q4 of 2010. This enables us to look forward with some certainty to results from this exciting program in the second half of this year.
"I look forward to providing further progress reports on these activities in the coming months."