Project Profile
Value: US$1,800 Million
Location: Poznan East blocks, Poland
Production: 1.56 million cubic metres of gas per day, or nearly 570 million cubic metres per year
Startup Year: 2014
The Siekierki gas accumulation at the Poznan East blocks will likely produce 1.56 million cubic metres of gas per day, or nearly 570 million cubic metres per year.
Siekierki Development Project Gas resource estimates (GCA):
-Gross mid case GIIP 1.6 tcf (high case 3.6 tcf)
- Mid case contingent gas resource 346 bcf – Aurelian’s share sales gas
- Mid case expected monetary value (EMV) of €478 million (Aurelian net)
Current Activity:
- First Siekierki MFHW spudded 30 June 2010
Planned Activity:
- Secure Mezzanine finance to fund second Siekierki MFHW – H2 2010
- Drill second MFHW on Siekierki H2
- Long term well test in 2011
- Full field development to follow
- 2D seismic on Block 206/208 in 2011
Other:
- 5 wells drilled (including Aurelian vertical fracced well which initially flowed at 7.5 mmscf/d and stablised at 2.5 mmscf/d)
- Gas sales contract with Kulczyk Investments
- Strategic partner planned in 2011
- Siekierki NW and Krzesinki satellite structures - GCA allocated EMV of €8 million and €123 million
- Peak gross production of 93 mmscf/d expected in 2015 with a 6 year plateau
- Net cash flow of €105-125 million per annum expected during plateau production period.
Operator:
Palomar Natural Resources: Operator with 100% interest.
Contractors:
Baker Hughes: Directional drilling, logging-while-drilling, wireline logging, completion hardware and fracture services.
Expro Group plc.: Well testing work and associated services
Halliburton Pipeline and Process Services: Directional drilling, logging-while-drilling, wireline logging, completion hardware and fracture services.