http://www.investegate.co.uk/Article.aspx?id=200908240700148605X

Aurelian is pleased to announce that the drilling of the Voitinel-1 well in the Brodina Concession, Romania, commenced on Friday 21st August. Voitinel-1 is Aurelian's first well in Romania to test the prospective Carpathian sub-thrust play. The operation is programmed to 2,300 metres and is anticipated to take around two months.

Interests in the Voitinel-1 well are Aurelian 33.75% (operator), S.N.G.N. Romgas S.A. 37.50% and Europa Oil & Gas Limited 28.75%

This is a big well for Aurelian, targetting oil not gas.  Europa Oil & Gas described it as follows in their Interims:

EIII-1 Brodina Concession (28.75%) – Voitinel Prospect
Drilling of the high impact Voitinel Prospect was originally slated for late 2008, but overruns due to the testing operations at Lilieci have led to a significant delay in mobilising the rig to the site. This has given the group, in the light of softening service costs, an opportunity to re-negotiate key contracts for the well.
Voitinel is now anticipated to spud in July 2009 with 2P estimates of gross recoverable reserves of 50mmbo.

From my notes of the 2008 AGM I had "When pushed after the meeting MS described the CoS of Voitinel as 20%.  - nb in their recent report, Fox Davis had Voitinel in as 12% and 7.8p/share risked", but (a) this was H1 2008 valuations and (b) there has since been consdierable dilution which would reduce 7.8p/share to about 5p/share and (c) they don't have any money to develop it even if they do find something.

 

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