Aurelian Oil & Gas set to raise €32m to fund growth plans
18 January 2010
Aurelian, the AIM listed independent oil and gas group with operations in Poland, Slovakia, Bulgaria and Romania, is looking to raise around €32 million from institutional investors.
The new cash has been earmarked to fund the first well on Aurelian’s Siekierki gas project in Poland and up to seven exploration and appraisal wells in the next two years, targeting assets with an expected monetary value of €1.2 billion.
Last December, Aurelian brought in consultancy firm Gaffney Cline & Associates (GCA) to reassess its assets, which led to a major upgrade of the company’s resources. As a result, Aurelian raised the total risked estimated monetary value or EMV of its assets to €1.49 billion.
At its flagship 90%-owned Siekierki gas project, the mid-case gas in place has been estimated at 1.58 trillion cubic feet, with contingent resources up 262% to 346 bcf. Proven reserves there stand at of 2.4 bcf.
Cash from the fundraising is also expected to be channelled into Aurelian’s recent strategic partnership with the Polish state oil and gas company, Polskie Gornictwo Naftowe i Gazownictwo S.A. (PGNiG) to explore in the Polish Western Carpathians
As part of that deal, PGNiG will gain a 40% participating interest in Karpaty West and a 20% participating interest in Karpaty East. Aurelian will continue to act as operator and will hold the balance of the participating interests.
The price of the share placing will be determined by way of a bookbuild and set in consultation with the company. Macquarie Capital (Europe) is acting as sole bookrunner and the bookbuild is expected to close on February 1.
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