2011-05-12-2011-04-21-2011-04-21

Bought subsidiary, gaining various WI in Bilca gas project area of Brodina concession, Suceava concession & Bacau North Areas (A and B) of the Bacau concession.

Raffles Energy Netherlands BV, a subsidiary of London-based private-equity firm Raphael Group Plc, has acquired Aurelian Oil and Gas (Romania) SRL (AOGR) from parent Aurelian Oil & Gas Plc, London, (London: AUL) for US$10.5 million (€7 million).

AOGR's assets include various interests in projects and concessions in Romanian, which include the Bilca gas project area of the Brodina concession, the Suceava concession and the Bacau North Areas (A and B) of the Bacau concession.

Interests in the Bilca project are 62.5%, in the Suceava concession are 50%, in the Bacau North Area (A) are 41%, in the Bacau North Area (B) are 60%, in the Brodina exploration area are 33.75% and in the Cuejdiu concession are 45%.

Aurelian chief executive Rowen Bainbridge says, "Last year we set out a plan to refocus our business in Romania and we have now achieved this. We look forward to moving ahead with the appraisal of Voitinel and our oil exploration activities in the Romanian Carpathians. The exit of our non-core interests has been achieved at a value that we are pleased with and it also provides us with further upside based upon the future exploration success of AOGR."