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Aurelian Oil & Gas says Krzesinki-1 spudded; will reach target depth in early Q4

 

Aurelian Oil & Gas this morning gave a progress report on Poland, where it is drilling for gas, while announcing it had completed the sale of its unwanted assets in Romania. Krzesinki-1, around six kilometres south-west of Trzek wells one, two and three, was spudded on June 24 and will reach its target depth of 4,150 metres by early in the fourth quarter, the company said.

 

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Aurelian Oil & Gas (LON:AUL) this morning gave a progress report on Poland, where it is drilling for gas, while announcing it had completed the sale of its unwanted assets in Romania.

Krzesinki-1, around six kilometres south-west of Trzek wells one, two and three, was spudded on June 24 and will reach its target depth of 4,150 metres by early in the fourth quarter, the company said.

The structure being targeted lies on a trend to the north of a number of conventional fields developed by PGNiG and FX Energy. 

As such, Aurelian expects Krzesinki will also be a conventional well, so horizontal drilling and fraccing are not planned. 

The mid case net resources to Aurelian is 44 billion cubic feet with an “upside case” of 465 billion cubic feet.

Separately, the group said the sale of the non-core Romanian assets to private equity investor Raffles Energy would allow it to redirect capital expenditure.

The initial proceeds from the deal will be €6.85 million, though there could be further payments linked to the future exploration success.

Aurelian chief executive Rowen Bainbridge said: "We are pleased to have spudded the Krzesinki-1 well on time and look forward to reaching target depth early in the fourth quarter. 

“Krzesinki-1 is an exciting prospect which, if successful, could add significant conventional gas to the existing 346 billion cubic feet net to Aurelian in the Siekierki tight gas project.

 “We have now completed the refocussing of our business in Romania and look forward to moving ahead with the appraisal of Voitinel and our oil exploration activities in the Romanian Carpathians. 

“The exit of our Romanian non-core interests has been achieved at a value that we are pleased with whilst also providing us with further upside based upon future exploration success."

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