Always informative posts though memory tells me that you consistently posted on ADVFN with the same knowledgeable authority to no avail.The fundamentals of this outfit havnt changed.No revenue,something that may have escaped your notice.
have tosca reduced their holding.
The NEW Well Design For Siekierki
This presentation states that there were significant troubles with the drilling and fracks which led to them studying the play and coming with a new course of action. They will now be drilling across the natural fractures and be targeting the higher permiabilaty zones found within this large formation. They should be able to better control water by drilling and fracking above the free water line encountered in the holes. Trzek-4 well should get much, much better results, I would think at least double, if not significantly more cfd than the previous wells got. Imo of course but the geophysics they have studied suggest such. Also great information on Niebieszczany-1 and in the great results from open hole drill stem tests 2-4. This is yet play that will be worked on in the future when PNiG get around to it. Very small fracks were performed and got those results from the Krosno formation. Plus the upside in the primary target below that wasn't reached due to overpressure. http://docslide.us/documents/aurelian-corporate-presentation-010212.html
More On Siekierki
1 February 2012 Aurelian Oil & Gas PLC ("Aurelian" or "the Company") "Unlocking Value through Technology" Siekierki Project Update and Strategic Review · Over the past four months the Company has conducted a comprehensive review of its assets. · Key conclusions: o Siekierki is an attractive project.1 The initial problems are now well understood and a clear plan forward has been developed. o The funded exploration portfolio offers significant upside. o The cash position at the year-end 2011 was €63 mm which allows the Company to carry out its planned exploration and appraisal activities for the next 18 months. o However, unlocking the full upside within the Company is likely to require additional technical and financial resources. · The Board believes that the value of the Company, its skills and its future opportunities are not fully reflected in the current share price. · The Board has therefore appointed Greenhill & Co to review the Company's strategic options. · This review will assess a wide range of options for the Company including the sale of assets, or the merger or sale of the Company. · The Company will provide further updates in due course. John Conlin, Chairman commented: "The Board remains committed to maximise value for shareholders. The Board's decision to explore strategic options is, we believe, the best way to achieve this goal. The business review has shown that Siekierki remains an attractive gas resource project and that our exploration portfolio has material upside. "Aurelian has created an attractive platform in Central Europe comprising a diversified portfolio of operated exploration and appraisal licences which is very difficult to replicate. We also have strong working relationships and in-country operating experience which will have strategic attraction to many parties." Rowen Bainbridge, CEO commented: "The insight that we have gained on Siekierki is an important step forward. We now know a lot more about this project and have a more precise and phased appraisal plan to capture its value. This understanding could only have come from the appraisal programme the Company executed over the past two years. The Company is a pioneer in unconventional gas in Poland and our experience is consistent with that of our peers, in that tight gas and shale plays take time to unlock. The strategic hypothesis of unlocking value through technology in oil and gas exploration and production in an energy-hungry part of the world remains intact." 1 This is based on the Board's current view and is supported by AGR-TRACS. The value calculated on an EMV basis will be included in the Competent Person's Report ("CPR") due in March/April 2012. Siekierki Update - a Large Gas Resource Play with
Note their thoughts on the Siekierki North extension with early thoughts of 50bcf. With drilling I'm sure they would book way more than that based on Siekierki results. http://core.theenergyexchange.co.uk/agile_assets/1290/13.45_mark_reid_compliled.pdf&ved=0CDAQFjAIOBQ&usg=AFQjCNEeMyircxCjtMa0oEfoPljaTkdXdA&sig2=vAci50GIAtwtQEs85JUUow
Info On Krzesinki 1 and Bieszczady
Note what AUL thinks is in the Krzesinki field (much larger than what is let on, more drilling will define the size but with geophysics they pretty know). Also, Bieszczady target of 100 million barrels oil but overpressure was an issue, they could put the gas(where overpressure exists) into production as well as go in and extend to the main target. Aurelian Oil & Gas PLC (LON:AUL) said it is making good progress with its seceond Multi Fracced Horizontal Well (MFHW) on the Siekierki tight gas field in Poland. Trzek-3 was successfully drilled and completed with a cemented liner, and fraccing is expected to commence early July, taking up to six weeks to complete. The group plans to start a stabilised flow test at Trzek-3 around mid-August, it said in an operational update. The rig that drilled Trxek-3 will now move to the wellsite of Krzesinki-1, Aurelian’s first Siekierki South-West well. Spudding is planned for early July. The group expects the well to reach target depth of 4,150 metres in early Q4 2011. Krzesinki-1 is on trend with producing fields in areas of good permeablity and is targeting net resources to Aurelian of 44 billion cubic feet with an upside of 465 bcf. Aurelian said processing and interpretation of the recently acquired 2D seismic data on the Poznan Block 208 adjacent to the Siekierki project should be completed by the end of Q1 2012. The survey will be processed and interpreted to determine the block’s prospectivity with a focus upon the Rotliegendes and Zechstein plays along trend from Siekierki. The Siekierki project is located on the Poznan licences which are 100 percent held by Energia Zachόd, a company owned 90 percent by Aurelian and 10 percent by Avobone NV. The partner group drilling the first well on Bieszczady block in Poland announced that the Niebieszczany-1 well, which spudded on October 14 2010, is currently drilling ahead at 3,946 metres with wire line logs having been taken over the interval to 3,840 metres. Drilling progress has been slower than expected due to an over-pressured permeable interval between 3,845 – 3,848 metres which was required to be cemented to control the well. In total, four drill stem tests, all recovering hydrocarbons, and six cores have now been taken in the Krosno sandstones. These tests and cores indicate the formation to be characterized by porosities of up to 7 percent with numerous fracture zones facilitating the flow of the hydrocarbons. Longer term tests on all of these zones will be required to determine overall commerciality, however at this stage, the results from the drill stem tests are encouraging, Aurelian said, Cost exposure to the slow progress of this well has been mitigated due to the fixed cost nature of the contractor’s turnkey contract. The primary reservoir targets are expected between 4,000 metres and 4,800 metres and these remain the primary focus of the well which is targeting up to 100 mi
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