Aurelian Oil & Gas agrees exploration deal with Polish group
31 December 2009
Aurelian Oil & Gas has agreed a deal with the Polish state oil and gas company, Polskie Gornictwo Naftowe i Gazownictwo S.A. (PGNiG), that will see the two sides work together on Aurelian's six exploration concessions in the Polish Western Carpathians.
As part of the 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.
On its side, PGNiG will provide the joint venture with access to its extensive data base, comprising wells in the region and approximately 2,000km of seismic data. Aurelian will perform the reprocessing and interpretation of this data as the first part of the ongoing programme. This is expected to lead to the acquisition of new seismic in the second half of 2010.
The Karpaty West and East concessions cover 2,230 sq km and 1,296 sq km respectively in the prospective trend of the western Polish Carpathians. Aurelian also partners PGNiG, with a 25% interest and PGNiG as operator, in the Bieszczady blocks, covering a further 3,547 sq km in the eastern Polish Carpathians.
Rowen Bainbridge, the chief executive of Aurelian, said: “Aurelian is delighted to be working in close partnership with PGNiG in this highly prospective area. The provision of their data base and access to their long experience in the region will undoubtedly accelerate our programmes for exploring the region. The value of the data base cannot be over-estimated: to replicate it would cost at least $40m at today's prices.”
He added: “While the Carpathians as a whole have already produced over 14 billion barrels of oil equivalent, Aurelian believes that significant untapped potential remains in the Polish Carpathian Fold Belt - the region is currently one of the great remaining areas in the world where modern seismic and similar technologies have yet to be fully deployed.”
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