Europa Oil & Gas Regulatory News (EOG)

23 Jul 2007 07:00

Aurelian Oil & Gas plc23 July 2007 Aurelian Oil & Gas PLC Results of Testing Well Arbore-1 and Future Drilling Operations in NorthernRomania Aurelian Oil & Gas PLC, the exploration and production company focused onCentral Europe, announces that testing of its Arbore-1 well in Northern Romaniais now concluded. The well flowed gas from a thin Sarmatian sand atnon-commercial rates. This result was inconsistent with log data previouslygained and therefore the well is being further reviewed by the partners. Interests in the Arbore-1 well were held : Aurelian Oil & Gas (Romania) SRL33.75% S.N.G.N. RomgazS.A. 37.50% Europa Oil & GasLimited 28.75% The next well to be drilled by the joint venture will be Boistea-1, located inCuejdiu Concession EIII-3. Drilling is likely to commence around the end ofAugust. Michael Seymour, Managing Director of Aurelian, commented "Aurelian will continue to review this well's potential. We have three furtherwells planned, as operator, in our 2007 Romanian drilling campaign and arehopeful for a better outcome in each of these subsequent wells." 23 July 2007 Enquiries: Aurelian Oil & Gas 020 7629 7986 Michael Seymour, Managing Director Frank Jackson, Commercial Director Nabarro Wells & Co. Limited 020 7710 7400 Richard Swindells College Hill 020 7457 2020 Nick Elwes Paddy Blewer www.aurelianoil.com REVIEW BY QUALIFIED PERSON The technical information and opinions contained in this announcement have beenreviewed by Michael Seymour, Managing Director of Aurelian Oil & Gas PLC, who isa geologist and has 35 years of relevant experience in the oil and gas industry. Notes to Editors: Aurelian Oil & Gas PLC ("the Company"), was founded in December 2002, by currentManaging Director, Michael Seymour. The Company's strategy which is focused inCentral Europe, is to explore for, appraise, develop and produce oil andnatural gas reserves. The Company has operations in four countries, namelyPoland, Slovakia, Romania and Bulgaria as follows: Country Block Interest Operator Current and near team activities Romania Brodina - Bilca 62.5% Yes Production, drilling Brodina - Other 33.75% Yes Drilling Brates 6.8% No Drilling Suceava 50% Yes Drilling Cuejdiu 45% Yes Drilling Bacau 81% Yes Drilling Poland Poznan East 90% Yes Drilling Bieszczady 25% No Seismic Bulgaria B-Golitza 50% No Drilling B1-Golitza 50% No Studies Slovakia Medzilaborce 100% Yes Seismic Snina 100% Yes Seismic Svidnik 100% Yes Seismic The Company listed on AIM on 22 August 2006. At 31 March 2007, Aurelian hadcash resources of approximately • 50 million, with an exploration budget of €20million in 2007. Central Europe is one of the oldest petroleum provinces in the world but hassuffered over recent decades from a lack of investment and technology. Inworking in this area, Aurelian uses seismic, drilling and productiontechnologies which, while standard practice for many of the world's importantproducing basins (such as the North Sea and the Gulf of Mexico), have not beenavailable in Central Europe until recently. This information is provided by RNS The company news service from the London Stock Exchange