04/04/2008
Central Europe-focused Aurelian Oil & Gas is bullish over prospects at Siekierki in Poland despite £5.3 million annual losses.
The AIM-quoted company, whose deficit trebled last year on early revenues up sevenfold at £2.4 million, says independent experts have confirmed a contingent resource of 190 billion cubic feet of gas at Siekierki. Steered by managing director Michael Seymour, Aurelian is already producing in Romania and looking at new Polish concessions at Kalisz, Torzym and Cybinka, and has identified new potential targets in Bulgaria.
Floated in 2007 at 55p, Aurelian shares had fallen to 29.25p by last February, when Growth Company Investor suggested they were a recovery punt. They have now bounced to 35p and could fare better than some sector peers.
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