Work has commenced on a 70km, 2D seismic survey (44km on Bacau North and 26km on Bacau/Lilieci) on three prospective areas within the northern and central areas of the Block. As a result of reviewing the overthrust area of the block for the first time, the Company has identified additional leads and therefore the survey is now targeting gas-in-place leads of 147bcf, an increase of 119 percent from the previously announced 67 bcf. In summary, two areas are prospective for Sarmatian biogenic gas prospects in the north eastern area and one for thermogenic gas/condensate in the overthrust area of the East Carpathians. This survey will be interpreted by the end of August 2010 and it is hoped that it will further define prospects for drilling in the future.
Interests in the Bacau North block are Aurelian Oil & Gas (Romania) SRL 41.0 percent, S.N.G.N. Romgaz S.A. 40.0 percent and Europa Oil & Gas SRL 19.0 percent. Interests in the Bacau Lilieci block are Aurelian Oil & Gas (Romania) SRL 60.0 percent, S.N.G.N. Romgaz S.A. 40.0 percent. Rowen Bainbridge, Chief Executive commented, “We are on track and delivering against our operational schedule. At our flagship Siekierki project in Poland we are pleased that the rig is mobilising as planned and that overall project planning and permitting is on schedule. Baker Hughes and Halliburton bring significant experience and expertise in tight gas developments. In Romania, the flow rates from the 1400 sand in Voitinel-1 indicate yield of up to 3bcf of recoverable reserves per well, which increases our confidence in creating a successful commercial development in the Voitinel/Solca trend.”
