Aurelian Gas&Oil reveals promising results at Lilieci 1 well of Bacau

Shares in Aurleian Gas&Oil PLc rose 3.3 percent on the announcement.

'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,' says Aurelian Gas&Oil Plc. Managing Director Michael Seymour.

The partners in the Lilieci-1 well are Aurelian (operator) 41%, Romgaz 40% and Europa Oil & Gas plc ('Europa') 19%. Under the terms of an agreement between Aurelian and Europa under which Aurelian has paid a proportion of Europa's share of the well costs, Europa now has 60 days to elect whether to participate in the appraisal and development of the Lilieci discovery or to assign its interest in the discovery to Aurelian.