Eastern Europe-focused Aurelian Oil & Gas has been awarded an exploration concession in Posnan North, Poland.

The AIM-quoted company, which says it also expects to start gas production at Bilca in Romania in September, reports that its 90 per cent-owned Polish subsidiary Energia Zachod has been granted a concession by Poland’s State Treasury to evaluate the ‘probable’ westward extension of its Siekerki trend under the northern and eastern suburbs of the city of Poznan. Managing director Michael Seymour maintains, ‘Poznan Polnok [Poznan North] is an important addition to our Siekerki project … and we believe additional gas resources can and will be produced from here.’

Over in Romania’s Brodina concession, meanwhile, London-based Aurelian says its Fratauti-2 well in the Bilca gas project has been completed as a production well and should start producing from September at a rate of three million cubic feet a day. This is the first in a four-well programme.

Floated at 55p last year, Aurelian shares had a thin time of it, falling to 29.25p by February, where Growth Company Investor rated them a ‘recovery punt’. Now 42.5p, valuing the company at £57.6 million, they could outperform some sector peers.           

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Aurelian Oil & Gas	AIM	£45.09m	33.25p	0.00p
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