Aurelian IDs 3 Oil Leads in Romania
Aurelian provided the following operational update.
- First Polish multi frac horizontal well (Trzek-2) and pilot Processing Facility on track
- Trzek-2 currently setting casing at 3400 m with reservoir top predicted at 3700 m
- Processing Facility - Environmental and Construction planning and permitting process on schedule to enable first gas by the end of 2011
- October spud date for first high impact well in Carpathian Thrust Fold Belt Core Area
- Bieszczady well spudding late October targeting up to 100 mmbbls (gross) of oil
- Results expected in Q1 2011 with aim to de-risk similar sized, on trend, prospects
- Additional 300km of 2D seismic survey commencing later in September taking block coverage to approximately 40%
- First of two well drilling program spuds in B1- Golitza, Bulgaria
- Operator JKX has spudded the first of a two well exploration program targeting two 20-30 bcf prospects (gross) at 1800 m and 800 m.
- Results from both prospects, identified using first 3D in Bulgaria, expected in Q4
- Depending on success of this initial two well program, a third similar sized prospect may also be drilled in 2011
- Update on three seismic surveys on Polish Core Areas
- Southern Permian Basin - 220 km² of 3D in Cybinka/ Torzym, targeting 100mmbbls (gross) of leads completed ahead of schedule and below budget. 80 km of 2D in Kalisz detailing a 24 bcf (gross) lead completed on schedule and on budget.
- Carpathian Thrust Fold Belt - Contract signed for 136 km of 2D in East Karpaty commencing October. Survey seeking to confirm a 236 mmbbls (net to Aurelian) drillable prospect.
- Appraisal of Voitinel/Solca trend in Romania
- Mean gross GIIP estimated at 273 bcf. High case revised up to 415 bcf from 400 bcf
- Further, as yet un-quantified GIIP, identified in prospects highlighted in recently acquired 60 km of 2D and analysis of well results from adjacent Romgaz concession
- 200 km of 2D seismic acquired across Bacau and Cuejdiu in Romania
- Early interpretation of Cuejdiu 2D identifies three 50-100 mmbbls (gross) oil leads. Bacau seismic targeting 147 bcf (gross) of leads, still being interpreted
- Slovakia licenses renewed for up to four years and 150 km 2D Seismic survey commenced
- Three Slovakian licenses renewed up to 31 July 2014, enabling Aurelian to carry out comprehensive exploration program covering 450 km of new 2D seismic and up to three exploration wells
- 150km 2D seismic survey now commenced targeting leads including the 408 bcf (net to Aurelian) identified in current Competent Persons Report ("CPR") together with others totaling 750 bcf (gross).
Rowen Bainbridge, Chief Executive commented, "We are pleased to provide this Operational Update, which demonstrates that Aurelian continues to execute its strategy satisfactorily, and in line with the key milestones published in October 2009.
Our key Polish projects at the Siekierki Tight Gas reservoir and the Bieszczady Carpathian oil prospect are both progressing well and we look forward to results from the Siekierki Trzek-2 well in Q4 of this year and from the first Bieszczady well in Q1 of next year. Our two well exploration program in Bulgaria has also commenced and results of these wells will be available before the year end. Furthermore, the extensive seismic program ongoing throughout our Central European portfolio will enable us to further develop and expand our prospect inventory."