Introduction
Regional Strategy
Aurelian focuses its activities in Central Europe, from the Baltic to the Mediterranean. This region is the oldest producing oil province in the world. First oil was mined here in the early centuries of the last millennium and was first developed commercially as early as 1853 when the first well was drilled.
During the twentieth century, the oil assets of the region were explored using surface geology and exploited by imposed state companies. Latterly, as the Soviet empire's economy started to fail, the region was deprived of access to the technology that was developing elsewhere and investment that was then nascent in the Southern North Sea and Gulf of Mexico. This situation persisted until the end of the twentieth century.
Consequently, Aurelian believes there is an opportunity to identify new hydrocarbon assets at previously unexplored depths throughout the region. In working in this area, Aurelian will be using seismic, drilling and production technologies which, while standard practice for many of the world's important producing basins today, have not yet been used to any extent in Central Europe.
The Company's area of focus covers the whole of the area from Poland and the Baltic states, to the Mediterranean. We will continue to apply for concessions in this region.
Outlook
Aurelian has an aggressive and ambitious exploration programme in 2008/9. Seismic data will be acquired in all the countries where the company currently operates. Two exploration wells and two production wells are being drilled in Romania during 2008. Production from the discovery in the Poznan East block will be developed to produce revenues in late 2009 as the wells go on test.