Aurelian


Recent updates 

30th December 2011

Flow test on Krzesinki-1 gas discovery on Block 207 (Poznan East) commenced
  • Flow testing on the Krzesinki-1 exploration well began on 27 December 2011, results expected in the first half of January 2012;
  • Results to be incorporated into the Independent Review of Siekierki currently underway; and
  • Commercialisation options being evaluated with tie in points being between 5-17km from the gas discovery.

Niebieszczany-1 discovery

  • Well testing in progress by the Operator PGNiG;
  • Flow rates from two separate zones 0.6 and 1 MMscf/d plus significant liquids; and
  • Appraisal well proposed by PGNiG for 2012 after the final test results.

Siekierki licence renewed for three years

  • Block 207 Poznan East has been renewed up until February 12, 2015, enabling Aurelian to continue the appraisal of the Siekierki gas field and the Krzesinki gas discovery; and
  • Block 208 renewal application has been submitted and it is expected that this will be approved shortly. This Block is prospective for Rotliegendes and Zechstein opportunities and is adjacent to the PGNiG-operated “Fences” concessions where a number of gas discoveries have been made.

Update on Independent Review of the Siekierki Project

  • Good progress being made on the review of the Siekierki Project;
  • The TRACS AGR team have presented their initial conclusions in line with the 19th December target date and are now working on valuation, commercialisation and forward appraisal plans;
  • Considerable insight has been gained in the last three months in understanding both the Siekierki reservoir and the Multi Fracced Horizontal Well (“MFHW”) completions to explain the lower-than-forecast initial flow rates announced in September; and
  • Final results will be announced at the end of January 2012 following incorporation of well test data of Krzesinki-1 into the analysis. The January update will include a full diagnostic assessment of the MFHW (T-2 & T-3), the implications for GIIP and ultimate recovery from the field. An update on commercialisation options for the gas discovered to date, as well as an updated appraisal plan and pathway to a new field development plan.


A further 185 km of 2D seismic acquired across two surveys on operated licences in the Carpathian Thrust Fold Belt

  • 95 km of 2D seismic acquired in Karpaty East in Poland to identify further potential drilling targets. A well is planned in 2012;
  • 90 km of 2D seismic acquired in the oil-prone Cuejdiu licence in Romania seeking to mature for drilling at least one existing lead;
  • This brings the 2011 Seismic program to a total of 972 km of 2D seismic and 120 km2 of 3D seismic successfully acquired on seven surveys across our Core Areas; and
  • The acquisition of a further 268 km of 2D seismic is underway on our non-operated Bieszczady licence to take total block coverage to approximately 60%.

Prospect Inventory update now complete and new CPR underway

  • Updated prospect inventory now complete incorporating 1500 km of new 2D and 340 km2 of new 3D seismic acquired during 2010 and 2011;
  • Independent consultants, RPS Energy (“RPS”) have been engaged to produce a new Competent Persons Report (“CPR”) and have begun review of the updated prospect inventory; and
  • New CPR expected to be complete end February 2012.

The Company will provide an updated Corporate Strategy in light of the revised Siekierki appraisal plan and new exploration prospect inventory at the end of January 2012. 

 

18th October 2011

Gas find at Krzesinki-1 exploration well, Poland.

Aurelian is pleased to announce that it has discovered gas at the Krzesinki-1 exploration well in Block 207 (Poznan East), Poland. The well is located on the same licence as the Siekierki tight gas field and was targeting the same age reservoir, Permian Rotliegendes sandstones, within a separate structure. Krzesinki-1 has encountered a 65 metre gas column, and 175 metre of core has been recovered. The extensive quantity of core recovered has so far yielded measured ambient porosities of 5% to16%, and ambient permeability of 0.04 mD to 40.0 mD in the gas column. A preliminary estimate of 10-20 bcf GIIP has been made. Wireline logging has been completed and the well is now being prepared for testing which will be complete by the end of the year.

Krzesinki-1 is positioned 8 km west of the Trzek-3 multi-frac horizontal well (“MFHW”) which is currently in the pressure build-up phase following the recent long term flow test. All of the Krzesinki well data will be added to Aurelian’s existing database on the Siekierki gas field and will be used to assist in the development of an updated appraisal plan for the field’s future development.

Aurelian has also commissioned a specialist tight gas team from industry consultancy AGR to work alongside its in-house technical team. The team will undertake a detailed, bottom up review of all existing data on the Siekierki tight gas field with a view to assisting Aurelian with the development of an updated appraisal plan for the Sierkierki project.

The Siekierki project is located on the Poznan licences which are 100% held by Energia Zachόd Sp. z.o.o., a company owned 90% by Aurelian and 10% by Avobone N.V. 

16th September 2011

Update on stabilised flow rate test on Trzek-3 Multi Fracced Horizontal Well (“MFHW”)

Aurelian, the European focussed E&P Company, announces the following update on the stabilised flow testing on Trzek-3 MFHW. Initial data indicates that the gas recovery from the Trzek-3 appraisal well is lower than anticipated and could be between 4bcf-8bcf rather than the 16bcf-20bcf that the Company was expecting. The well is also producing higher levels of water than expected.

Flow testing will continue until the end of September when a further update on the well test, the Company’s ongoing appraisal plans and the subsequent timing of gas commercialisation from the Siekierki Tight Gas project, will be provided as part of the Company’s interim results presentation.

The Siekierki project is located on the Poznan licences which are 100% held by Energia Zachόd Sp. z.o.o., a company owned 90% by Aurelian and 10% by Avobone N.V.

Rowen Bainbridge, Chief Executive, commented:

“This news is disappointing and we are determined to understand the reasons why gas rates are lower and water rates higher than we had anticipated. Despite this, the Siekierki Tight Gas reservoir has a mid case of 1.6 tcf of Gas In Place and covers approximately 150km2, with appraisal wells to date covering only 2.5 km2 of the reservoir. Until we understand these preliminary results, we are protecting the Company’s capital. Therefore, we are suspending plans for the Trzek-2 side-track and reviewing the possibility of gas sales from the existing three wells.” 

 

25th August 2011 

Polish Operational Update

Aurelian, the European focussed E&P Company, is pleased to provide the following operational update.

14-28 day stabilised flow test commenced at second Siekierki Multi-Fracced Horizontal Well (“MFHW”) Trzek-3.

A stabilised flow test, expected to last between 14 and 28 days, has now commenced at the second Siekierki MFHW, Trzek-3. The planned six fracs have been completed without material mechanical issues. Well clean up operations and a Memory Production Log have all been completed.

A further update will be provided at the end of the stabilised flow test.

Trzek-3 is targeting a separate high to other wells in the Siekierki structure with a recoverable resource estimated at between 16 and 28bcf.

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