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Market: AIM
Sector: Oil & Gas Exploration & Production
EPIC: AUL
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Aurelian Oil & Gas
www.aurelianoil.com

Aurelian Oil & Gas PLC, was founded in December 2002, by Managing Director, Michael Seymour and is focused on the re-emerging Central and Eastern European oil and gas markets, the oldest producing oil province in the world.  

The Company has developed a diversified portfolio throughout the region. Currently Aurelian has a wide portfolio of concessions in Poland (18), Slovakia (3), Romania (4) and Bulgaria (2), and a range of production, appraisal and exploration projects.

Full Aurelian Oil & Gas profile here
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Aurelian Oil seeks new partner for Siekierki in Poland after Canamens exit finalised

2nd Jul 2009, 2:18 pm
Aurelian Oil seeks new partner for Siekierki in Poland after Canamens exit finalised

Aurelian Oil & Gas PLC (AIM: AUL) said its immediate priority is to find a new farm-in partner for its Siekierki project in the Poznan region of Poland, after the exit of its current partner was finalises today.

It announced in May that its 40 percent farm-in partner Canamens Ltd planned to withdraw from Siekierki following a "strategic review of its priorities", and cited Canamens as saying the  withdrawal should not be viewed as an indication of any change in its view of the project's potential.

Under the terms of the deal, Aurelian will buy back Canamens’ 40 percent interest in its Polish unit Energia Zachod for €8,870, giving Aurelian a 90 percent stake in EZ. Canamens will also waive its right to repayment of loans of approximately €400,000 made to Aurelian Group companies and make a contribution toward committed project expenses of US$500,000.

The company is currently actively involved in discussions with potential partners which it expects to conclude this summer, it added.

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