Date: Wednesday 04 Jan 2012
Europe-focused exploration and production company Aurelian Oil and Gas, has been awarded two new licences by the Ministry of Environment in Poland.
The firm was awarded one in south-eastern part of Polish Carpathians, covering an area of 446km2, and the other in the in the South Permian Basin, covering areas of 758km2.
John Smallwood, Exploration Director, said: "These awards enhance our portfolio in each of our two core areas with attractive prospects to mature with low cost work programs and risk profiles.
"The presence of hydrocarbons is well-established both regionally and locally within each of the new concessions. In addition, our 100% equity position gives us control over the execution of the exploration programmes.
"Prusice also gives us low cost entry to an emerging shale gas play which aligns well with our technical and operational expertise. We will be looking to bring partners into both blocks to fund the work programs."
The share price rose 1.47% to 17.25p by 14:49PM.
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