Poland - Poland-focused Aurelian Oil & Gas said today that it has entered into an agreement with state-owned PGNiG in the exploration of six of its exploration concessions in the Polish Western Carpathians.
PGNiG will gain a 40% participating interest in Karpaty West and a 20% participating interest in Karpaty East, said Aurelian in a statement.
Aurelian will continue to act as operator and will hold the remaining stakes of the interests.
Under the terms of the arrangements, PGNiG will provide the joint venture with access to their extensive data base, comprising wells in the region and approximately 2000 kiliometres of seismic data.
Aurelian will perform the reprocessing and interpretation of this seismic data as the first part of the ongoing programme, which is expected to lead to the acquisition of new seismic in the second half of 2010.
The Karpaty West and East concessions cover 2230 square kilometres and 1296 square kilometres respectively in the prospective trend of the western Polish Carpathians.
Shares in Aurelian were up 1.5 pence at 34 pence at 0857 GMT. They had touched a high of 35.70 pence earlier in the session.
Related information
- BP announced today a giant oil discovery at its Tiber Prospect in the deepwater Gulf of Mexico.
- French Guiana, Total acquires a 25% interest in the Guyane Maritime Permit
- Argentina and Britain Rev Up Naval Forces over South Atlantic Petroleum Deposits
- Noble Energy Announces Double Mountain Exploration Results in the Deepwater Gulf of Mexico
- Helix Energy sends third unit to help BP with Gulf oil spill
- Aurelian Makes Largest Discovery to Date Onshore Romania
