Independent oil and gas exploration company Aurelian Oil & Gas has announced share issue plans to raise €32m to fund the first Siekierki well in Poland, and up to seven exploration and appraisal wells in eastern Europe.
Over the next two years, the company said it will target assets with an expected monetary value of €1.2bn and that its existing cash resource of €12m will be used for appraisal and exploration activities.
The appraisal well, which will be drilled in the Siekierki gas field, will target a likely resource of 346bcf of natural gas with an expected monetary value (EMV) of €478m.
The company's total EMV currently stands at €1.36bn and reflects its recent strategic partnership with Polish state oil and gas company Polskie Gornictwo Naftowe i Gazownictwo SA to explore the Polish Western Carpathians.
In 2011 activity will be stepped up with Aurelian likely to drill the Zarszyn prospect, which has a gross resource of 119mmbbl, Mszana Dolna South, which has 119mmbbl, and Smilno, with 810bcf, the company said.