Aurelian Oil & Gas PLC
Acquisition of additional 10% equity in Cybinka and Torzym concessions on Polish Reef Oil Play taking interest to 45% in each.
Aurelian is pleased to announce that it has acquired an additional 10% interest in each of the Cybinka and Torzym concessions from Avobone Poland B.V.
The consideration payable to Avobone Poland B.V. is a reimbursement of its historical costs on the concessions. As such, Aurelian is paying €337,724 and €368,177 respectively for the additional 10% interests in Cybinka and Torzym. On completion of the transaction, Aurelian's interest in both concessions increases from 35% to 45%.
The partner group plans to spud the first well on the Torzym concession in Q1 2012 which is targeting gross 35 million bbls mid case STOIIP. Results are expected by the end of Q2 2012.
Post the transaction, interests in the concessions are as follows;
Cybinka - Aurelian Oil and Gas Poland Sp. z o.o. (45%) (Operator), S.N.G.N Romgaz S.A. (30%), and Sceptre Oil and Gas Limited (25%)
Torzym - Aurelian Oil and Gas Poland Sp. z o.o. (45%) (Operator), (S.N.G.N Romgaz S.A. (30%), and Sceptre Oil and Gas Limited (25%)
Rowen Bainbridge, Chief Executive, commented:
"We are pleased to have acquired an additional 10% interest in these concessions which contain a number of prospects which are play analogues with the nearby Lubitow and BMB oil fields. We are looking forward to Q1 2012 and the spud of our first well on Torzym, which if successful, will de-risk the 100 million bbls mid case STOIIP inventory currently mapped within the 220km2 Cybinka-Torzym 3D seismic survey."