Friday, February 13, 2009

Aurelian sees potential commercial discovery in Romanian well

Feb 13 (Reuters) - Britain's Aurelian Oil & Gas Plc (AUL.L) said on Friday test results from the Lilieci-1 exploration well in Romania indicated that the well could be developed into a commercial discovery, sending its shares up 3.3 percent.

The well tested gas at rates of up to 4.6 million standard cubic feet per day, the Europe-focused oil and gas explorer said in a statement.

"Lilieci-1 is our third successive successful well in Romania, following Fratauti-2 and Vicsani-1 in the Brodina EIII-1 concession. The flow rates and net pay on test indicate that we can expect to develop it as a commercial discovery," Managing Director Michael Seymour said.

Aurelian is the operator of the well with a 41 percent interest, while Europa Oil & Gas Plc (EOG.L) holds 19 percent, and Romanian gas producer Romgaz owns the remaining 40 percent stake.

At 0842 GMT, Aurelian shares were up 0.5 pence at 15.5 pence. (Reporting by Balachander Surianarayanan in Bangalore; Editing by Tresa Sherin)

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