Aurelian, the oil and gas explorer focused on eastern Europe, says it will focus future activities on two core areas: the Rotliegendes and Zechstein plays in Central and Western Poland and the Carpathian Thrust Fold belt in Southern Poland, Slovakia and Western Romania.

In Romania, Aurelian will seek to offload the Sarmatian exploration play, except Suceava.

In Poland, the company has signed a 10-year gas sales agreement with Kulczyk Investments for the output from the tight gas project at Sikierki.

'The conclusion of an agreement for the sale of our gas from Siekierki is a major milestone in the development of one of our most important assets and will enable us to proceed with the initial drilling program and to finalize our options for financing the full development,' said Rowen Bainbridge, chief executive officer of Aurelian.

The company intends to drill two appraisal wells and construction pilot facilities in Poland, and to drill up to nine wells over the next two years in Romania.

'Sources of capital for future plans will come from our existing cash resources of circa €12m, the proceeds of non-core asset disposals, bringing partners into selected projects, project finance and equity capital from new and existing shareholders,' the company said.

In a separate announcement the company announced that test results on its Voitinel-1 well at the Brodina Concession, Romania, tested 17.6 metres of pay at satisfactory rates in a structure with 14 square kilometres of closure.

The company said it was too soon to estimate resources at the well but the company would have a better idea in about three weeks time after it has completed pressure and flow test analysis.

Aurelian has a 33.75% interest in the Voitinel well.