Britain’s Aurelian Oil & Gas Plc said on Friday test results from the Lilieci-1 exploration well in Romania indicated that the well could be developed into a commercial discovery, sending its shares up 3.3%.
The well tested gas at rates of up to 4.6 million standard cubic feet per day, the Europe-focused oil and gas explorer said in a statement. “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,” Managing Director Michael Seymour said.
Aurelian is the operator of the well with a 41% interest, while Europa Oil & Gas Plc holds 19%, and Romanian gas producer Romgaz owns the remaining 40% stake. (Reuters)