UK's Aurelian Oil & Gas Turns to H1 After-Tax Profit

The company has 12 million euro cash in hand as of September 19 which is sufficient to fund its exploration programme until the end of 2009 on a dry well basis, it said in a statement.

Aurelian Oil & Gas, formerly Falcon Oil & Gas Limited, was founded in 2002 to explore for, appraise, develop and produce oil and natural gas. It has projects in Romania, Bulgaria, Poland and Slovakia.

Aurelian Oil & Gas said in July it has completed the Fratauti-2 well in its Brodina concession in northeastern Romania as a gas production well.

"In the Bilca Production Area [in Romania], a busy and successful period has seen the drilling of Fratauti-2 and Vicsani-1 both of which will be connected to the production unit where productivity is about to be further enhanced with the installation of compression facilities," the company said in the statement on Monday.

Production from the Bilca development area is now running at approximately 45,000 cubic metres per day.

In the exploration area of the Brodina concession, the Voitinel prospect is now ready for drilling. Voitinel comprises a sizeable sub-thrust structure in the centre of the concession and could hold substantial reserves. Drilling is likely to commence around the end of the year.

"The focus [in Bulgaria] is now on the gas prospects in the eastern seaboard area of our concessions. The plan is to drill structures similar to and approximately the same age as those being produced offshore in the Black Sea from the Galata gasfield. A 250 square kilometre 3D seismic acquisition programme is about to start over this area."

($ = 0.6954 euro)