Romanian tests inflate Aurelian Oil

25th Jun 2010 14:47

Aurelian Oil & Gas is higher after its Climauti-1 well drilled in the Suceava block in Romania tested at a rate of 2.7million standard cubic feet per day (scf/d).The company estimates that the gross recoverable gas reserves will be 2 billon cubic feet of gas (bcf) over the life of the well.Work will start shortly on the installation of a 4km pipeline to the Bilca gas plant with first gas expected in fourth quarter of this year.The discovery is expected to boost Aurelian's total production by 18% over the next seven years. "We are delighted with the test results from this well," said chief executive Rowen Bainbridge. "The reservoir appears to be very productive and as a consequence the test period has been limited to that required to demonstrate reserves and support an 'application to develop."Aurelian and Regal Petroleum each own half of the Suceava block.